The XYZ Company has following balances for the year ended 31 December, 2020. (5 Marks)

Particulars	Amount (OMR)
Sales	900,000
Purchases	450,000
Sales returns	60,000
Opening Stock	400,000
Salaries and wages	58,000
Carriage inwards	40,000
Depreciation expense	34,000
Rent Received	95,000
Closing Stock	350,000
Purchase Returns	50,000
Direct wages	220,000
Advertisement	38,000

Required: Prepare Income Statement from the above information