OSABCO ELECTRONICS HAD STOCK OF 5000 WATCHES AT THE RATE OF $20,AT THE BEGNING YEAR 2021, THEY PURCHASED ADDITIONAL 10000 WATCHES AT THE RATE OF $30, THE COMPANY SOLD 11000 WATCHES AT THE RATE OF $100. ON JUNE 11 2021, 300 WATCHES WERE RETURNED DUE TO TECHNICAL ISSUES. TOTAL EXPENSES FOR THE COMPANY DURING THE YEAR IS $150000. ON AUG 11 2021, OSABCO ELECTRONICS RETURNED BACK 300 WATCHES TO THE WHOLESALER DUE TO TECHNICAL ISSUED. THE COMPANY REPAID THE RENT $5000 IN THE YEAR 2020. Required: Prepare an income statement as of Dec 31st 2021