The following balances are taken from the books of Lens Landscaping for the year ending 31 December 20XX:

	Debit	Credit
Sales		80,000
Cost of goods sold	28,500
Salaries	34,600
Water and electricity	1,900
Insurance	2,800
Cash	23,500
Rent	30,000
Shareholders capital		52,000

The following additional information is available:

• Interest is charged at 10% on the principle amount. Note that the company has no debt obligations.
• The company tax rate is 30%.

Prepare an income statement for the year ending 31 December 2016, using the following template:

Gross profit
Operating expenses
Non-operating incomes and expenses
Profit before tax