The trial balance of Boots business as at December 319 2020 is as follows: 300,000 450,000 1,000,000 1,459,900 1,400,000 900,000 900,000 Cash Trade Receivable Inventory Land Building Equipment Trade payable Cost of goods sold General Expense Rent Sales Revenue Capital Drawings Retained Profit Total 500,000 340,000 103,000 3,352,900 100,000 120,000 1,980,000 6,452,900 6,452,900 Required: 1. Prepare an income statement for the year ended 31st December 2020. 2. Briefly explain the main differences between a statement of financial position and an income statement