Saini Fashions started in business last year and but did not commence operations until January 1, 2015. On January 1, Saini fashions Inc. had dresses inventory of $75,000 and jackets inventory of $50,000 which were purchased the previous month. Additional jackets and dresses were purchased for $150,000 during the month. Sales for January totaled $280,000, of which cash sales collected by the end of the month were $200,000 and the remainder were on account. Due to water damage in January, Saini Fashions Inc. had damaged jackets and dresses in inventory of $10,000 which are worthless. Inventory in the accounting records at January 31, 2015 was $120,000. Salaries paid to all employees were $28,000 for the month along with unpaid bonuses for the month, which were an additional $2,000. Based on industry standards, 2% of credit sales are typically uncollectible. A new cash register and Point for Sale (POS) system was ordered and received on January 1 for $12,000. This POS system is expected to be in working condition for two years. After which it will have no value and have to be replaced. Saini Fashion's purchased equipment at the beginning of January with a cost of $36,000, which would last for three years. Rent expense for the month was $10,000. Utilities paid during January for the previous month were $5,000 and the current month's bill was expected to be about the same. Prepare an income statement for the month ended January 31, 2015 (10 marks 20 minutes)