The year-end Trial Balance extracted from the books of a trader includes the account balances listed. The cost of inventory remaining unsold by the year-end is identified as £8,250. Prepare the Statement of income in the vertical format, identifying the gross profit in the year ended 31.12.2010.

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Trial Balance as at 31.12.2010 £ Sales Purchases Returns inwards Returns outwards - 42,400 3,940 - £ 54,800 1,850