Profit and loss account as at 31 March 20X4 102,000 Stock as on 1st April 2019 84,000 Purchases 1,462,000 Sales 2,456,000 Returns inwards 108,000 Returns outwards 37,000 Carriage inwards 14,700 Wages and salaries (see Note (b)) 136,000 Rent and business rates (see Note (c)) 14,000 General distribution expenses 28,000 General administrative expenses 24,000 Discounts allowed 36,000 Bad debts 5,000 Debenture interest 12,000 Motor expenses (see Note (d)) 16,000 Interest received on bank deposit 6,000 Income from shares in undertakings in which the company has a participating interest Motor vehicles at cost: Administrative 3,000 54,000 Distribution Equipment at cost: Administrative Distribution Royalties receivable Dividends paid Notes: 92,000 15,000 12,000 4,000 120,000 (a) Stock at 31 March 2020 102,000. (6) Wages and salaries are to be apportioned: Distribution costs 1/4, Administrative expenses 3/4. (c) Rent and business rates are to be apportioned: Distribution costs 55 per cent, Administrative expenses 45 per cent. (d) Apportion motor expenses in the proportions 2:3 between distribution costs and administrative expenses. (e) Depreciate motor vehicles 20 per cent and equipment 10 per cent on cost. (f) Accrue auditors remuneration of 11,000. (g) Accrue corporation tax for the year on ordinary activity profits 364,000. (h) A sum of 20,000 is to be transferred to general reserve. Required a) Prepare income statement