Question 21 (30 Marks) Located in the hills of Trelawny, Jamaica is the beautiful Medieval Island Hotel. This hotel is renowned for its spacious rooms with balconies overlooking the Caribbean Sea; its lounge bar, open 24 hours a day; and a restaurant, which serves breakfast, lunch and dinner and is even available for grand wedding events. The Medieval Island Hotel currently employees 210 employees who receive a great compensation package, which include among other benefits health insurance and daily meals. Most hotels, including Medieval Island Hotel, are required to prepare it financial statements using the uniform system of accounts. In recent times, the accountant for the hotel has fallen ill and the hotel has sought your assistance in preparing its income statement which is need urgently by the Board of Directors. You have been told that, as at December 31, 2019 the inventory for food amounted to $7,420 and the inventory for beverage amounted to $3,601. There was insurance expense prepaid for $315 and utility costs owing for $1,208. You are also required to provide for depreciation of 25% on all non-current assets using the straight-line basis and also to provide for income tax at a rate of 25%. Using the information above and the following unadjusted Trial Balance for Medieval Island Hotel for the year ended December 31, 2019, you are required to prepare the hotel's income statement.