Merck & Co.	Transactions for the Year Ended 31 December 2020
Transaction	Amount (£)
Sales revenue	320,000
Cost of goods sold	195,000
Salaries and wages	47,000
Rent expense	23,000
Depreciation expense	14,000
Utilities expense	9,500
Insurance expense	7,500

Requirements:

1. Prepare an income statement for Merck & Co. for the year ended 31 December 2020.
2. Calculate the operating profit.
3. Determine the net profit after all expenses.