Pharoah Ltd. is a Canadian private company following ASPE. Following are the partial trial balances for Pharoah as at December 31: 2021 2020 Accounts receivable $52,500 $33,000 Salaries and wages payable 14,600 25,600 Income taxes payable 12,000 18,600 Prepaid insurance 8,500 4,500 Accumulated depreciation 91,500 76,800 Interest payable 3,000 8,900 During 2021, Pharoah collected $397,000 in cash from its customers. Pharoah also paid out cash of $155,000 for salaries and wages, $69,000 for income taxes, $38,500 for insurance, and $25,600 for interest. Prepare a single-step income statement for Pharoah Ltd. for the year ended December 31, 2021. Net Income/(Loss) Expenses Pharoah Ltd. Income Statement For the year ended December 31, 2021 397000