Question $1$ Income statement $(30\%)$

Set up the profit and loss account for the year $202$x based on the attached information, including "multiple$-$step format". This is for a manufacturing company that manufactures and sells its own products. The company owns real estate, which it partially rents out. Can give you assumptions about presentation $($breakdowns$).$ Amounts in thousands of ISK.

Sold own production $70,000$

Rental of property $2,000$

Profit on sale of machinery and equipment $400$

Raw material consumption $25,500$

Salary of production staff $12,500$

Salary of office staff and foreman $4,565$

Office operating expenses $($sales and service$)2,380$

Electricity cost of production $6,500$

Maintenance of production machines $700$

Depreciation totals $7,400$

Capital charges $($interest charges$)3,100$

Capital income $(*)($interest income$)420$

Costs due to renting out housing $750$

Cost of participation in the annual trade show $980$

Income tax is calculated at $20\%$

$(*)$ The word is called financial asset income in some settlements