Prepare income statement for:

Extra LLC & E-max LLC.

LEDGER BALANCES for Extra and E-max as at 31 December 2020 PARTICULARS Extra LLC E-max LLC Amount (RO) Amount (RO) Sales 160,000 Purchases 96,000 3,200 400,000 249,600 8,640 Discount allowed Return outwards 800 11,520 Interest expense 4,000 4,000 6,400 Carriage outwards Inventory 1st January 2019 5,920 20,000 20,160 73,600 Office rent 9,600 1,600 4,800 Insurance on land & Building Advertisement 3,200 3,200 2,720 Salesmen salaries 7,520 Land and buildings 160,000 80,000 16,000 Computers Machinery Accounts payable 48,000 34 400 4,000 19,266 19,200 4,800 Tax payable 5,560 64,000 176,000 Owners' equity Commission revenue 8,000 16,800 Inventory at 31st December 2020 was valued at RO. 27200 for and RO 26080 for E-max LLC respectively