Khaled Corporation's capital structure consists of 50,000 ordinary shares. At December 31, 2022 an analysis of the accounts and discussions with company officials revealed the following information:

SalesSAR1,100,000

Purchase discounts18,000

Purchases642,000

Loss on discontinued operations (net of tax)42,000

Selling expenses128,000

Cash60,000

Accounts receivable90,000

Share capital200,000

Accumulated depreciation180,000

Dividend revenue8,000

Inventory, January 1, 2011152,000

Inventory, December 31, 2011125,000

Unearned service revenue4,400

Accrued interest payable1,000

Land370,000

Patents100,000

Retained earnings, January 1, 2011290,000

Interest expense17,000

General and administrative expenses150,000

Dividends declared29,000

Allowance for doubtful accounts5,000

Notes payable200,000

Machinery and equipment450,000

Materials and supplies40,000

Accounts payable60,000

The amount of income taxes applicable to ordinary income was SAR48,600, excluding the tax effect of the discontinued operations loss, which amounted to SAR18,000.

Instructions

(a)Prepare an income statement. (2 marks)

Kindly please provide steps or explaination