The following data has been extracted from the records of PURPLE plc at 31 March 2001; K Turnover 18,108,488 Cost of sales 16,471,616 Distribution costs 864,531 Administration expenses 1,494,228 Surplus on sale of fixed assets 11,054 Interest receivable 21,721 Losses due to seizure of imported sugar 351,890 Overdraft interest 139,001 Loan interest (Loan repayable 31 March 2009) 162,299 Corporation tax for the year 8,101 Dividends (interim 0.25p per share) 17,292 Transfer from reserves 1,389,105 You are also given the following information: (a) Number of shares in issue during the year: 7,192,380. (b) Turnover excludes value added tax. (c) Distribution costs and administrative expenses given above include the following items: Depreciation 365,928 Directors emoluments 105,773 Auditors remuneration 26,020 Hire of plant and machinery 3,084 You are required to prepare an income statement for publication, together with any notes required. It should comply with the Companies Acts. Reference: Price Waterhouse Coopers (1999) Value Reporting Forecast 2000.