i need answers fast pls

2. Prepare an income statement for the year ended 31 December Year 1. (10 points) Mallard and Co. is a new business that started trading on 1 January Year 1. The follow- ing is a summary of transactions that occurred during the first year of trading Premises were rented from 1 January Year lat an annual rental of 20,000. During the year, rent of 25,000 was paid to the owner of the premises. Rates (a tax on business premises) were paid during the year as follows: For the period 1 January Year 1 to 31 March Year 1: 500 . For the period 1 April Year 1 to 31 March Year 2: 1,200 A delivery van was bought on 1 January Year 1 for 12,000. This is expected to be used in the business for 4 years and then to be sold for 2,000. Wages totalling 33,500 were paid during the year. At the end of the year, the business owed 630 of wages for the last week of the year. Electricity bills for the first 3 quarters of the year were paid totalling 1,650. After 31 December Year 1, but before the financial statements had been finalised for the year, the bill for the last quarter arrived showing a charge of 620. Sales revenue on credit totalled 152,000 (cost of goods sold (COGS) 74,000). Cash sales revenue totalled 35,000 (COGS 16,000). Van running expenses paid totalled 9,400. At the end of the year it was clear that a credit customer who owed 400 would not be able to pay any part of the debt. The business uses the straight-line method for depreciating non-current assets