3. From the following information relating to Bank Sohar, prepare Income Statement for the year ended 31 December 2012. Show the calculations separately. (PREPARED SHEDULES) RO 16000 Items Interest on loans Interest on cash credits Insurance License fees Interest on overdrafts Interest on 6560 20 60 4150 deposit 1250 fixed 650 2500 260 Interest on balances with Central bank Interest on savings account Director's fees Rent Taxes and lighting Discount on bills discounted Depreciation on machinery Sundry expenses Advertisement and publicity Commission exchange and brokerage Electricity charges Payment to employees Locker rent Transfer fees Interest on borrowings from Central bank 360 4560 125 120 30 450 52 960 75 500 180 Additional information: (a) Provide for bad debts RO 45 (b) Rebate on bills discounted RO 20