Use this information to prepare an income statement for company ABC Co for the 12 months ended 31st December 2019 Distribution expenses $ 8,000 Salaries and wages related to selling product $ 16,000 Advertisements and promotions for Product $ 5,000 Salaries and wages for administrative staff $ 7,500 Office supplies expenses $ 1500 administrative utility expenses $ 3000 Depreciation on office equipment $ 750 Interest expense $ 1500 Cost of direct material purchase for product Alpha $ 165,000 Cost of stock at the beginning of the period Alpha $ 15,000 Cost of stock at the end of the period Alpha $ 20,000 Revenue from sale of Product Alpha $ 312,500 Based on the above information prepare a basic financial statement and identify the following. i. Gross Profit (3) ii. Total operating expenses (Show separately your selling distribution expenses and administrative expenses) (3) iii. Operating income (3) iv. Net income (Assume your business is taxed at 4%) (3) v. Correct Income statement with clear separation of items