The following balances were obtained from the books of company ABC on 30 June 2020. Trial Balance on 30 June 2020 ($000s) Dr. Cr. Cash 40 Account payable 213 Account receivable 210 Buildings 2000 Accumulated Depreciation - Buildings 1000 Interest expense 80 Loan (repayable 2025) 505 Machinery 500 Accumulated Depreciation - Machinery 190 Administrative salaries 282 Retained earnings on 30 June 2019 230 Purchases of raw materials 450 Advertising expense 82 Revenue 1496 Share capital 155 Other reserves 215 Inventories on 30 June 2019 20 Dividend paid 40 Directors' remuneration 300 4004 4004 Additional information is given below. 1. Buildings are depreciated by straight line method to zero residual value assuming 20 years of useful life 2. Machinery is depreciated at 20% on the reducing balance basis. 3. Company income tax has been estimated at $30,000 for the year. No tax for the 2020 accounting year has been paid. 4. Inventories on 30 June 2020 were $15,000. 5. A lawsuit was yet to be finalised by the year end. The outcome of the lawsuit is uncertain and may result in $20,000 of damages to be paid to another company XYZ. You are required to prepare: a. an income statement for the year ended on 30 June 2020. (8 marks)