The following information relates to the activities of Honey Retailers for the year ended 30June2020:

Motor vehicle running expenses 9,600 Closing inventory 24,000 Rent and rates 40,000 Rent received from sub-letting 16,000 Motor vans 50,400 Annual depreciation - motor vans 12,000 Heat and light 7,200 Telephone and internet 3,600 Sales 779,200 Goods purchased 546,800 Insurance 6,000 Loan interest payable 4,960 Bank account balance 38,240 Salaries and wages 83,200 Opening inventory balance 32,000 Required: Prepare an income statement for the year ended 30 June 2020