Write the answer in word

Particulars Q2. The following information has been extracted from the books of XYZ Corporation for the year ended 31" December, 2017: (2 Marks) Amount (S) Sales 455,000 Sales discounts 5,5001 Sales returns and allowances 3,550 Cost of goods sold 190,000 Sales Salaries 4,5001 Sales Commission 2,220 Travel expenses 6,2001 Freight outward 7,200 Postage and stationery 3,2001 Telephone expenses 5,2101 Office salaries 5,800 Insurance expense 2,500 Depreciation of building 9,540 Dividend revenue 25,000 Gain on sale of investment 20,500 Interest on bonds 8,400 Income tax 45,800 You are required to prepare income statement for the year ended December 31st, 2017