Required: You are requested to prepare an income statement for the year ended 31st December 2020. || $ $ Sales 30000 Purchase 8300 Wages and Salaries 5100 Repair and Maintenance 1300 Heat and Lightening 900 General Expenses 1200 Insurance 800 Cash at Bank 2200 Cash in Hand 1300 Account Receivables 4100 Account Payables 3200 Premises 30000 Fixtures and Fittings 10000 Motor Vehicles 8000 Capital at 31st Dec 2020 52000 Drawings 12000 The following additional information is available: Inventory at 31 December 2020 was valued at $3500. 85,200 85,200