1. On 1 October, Olivia Williams started a new business. During October she carried out the following transactions:

1 October: Deposited $32,000 in a newly-opened business bank account.

2 October: Bought shop fittings for $7,500 cash and inventories $9,500 on credit.

3 October: Borrowed $5,000 from a friend and deposited it in the bank.

4 October: Bought a motorbike for $11,000 cash and withdrew $400 in cash for her own use.

5 October: Bought additional shop fittings costing $14,000. The motorbike bought on 4 October was given in part exchange at a value of $8,000. The balance of the purchase price for the new fittings was paid in cash.

6 October: Williams received an investment of $3,500 and paid the amount into the business bank account. She also repaid $2,000 of the borrowings.

Required:

Draw up an income statement for the business for the month of October.