create an income statement using the information below:

In your role as a Graduate Accountant at 'Steady Growth Accounting', you have been supplied with the following adjusted Trial Balance for $\text{'}$Mr Cool Furniture', prepared at the end of the financial year by the owner, Bella Lake.Mr Cool Furniture Adjusted Trial Balance For the year ended $30$ June $2024$

Debits $($$$)$

Cash at Bank $86930$

Accounts Receivable $128,365$

Inventory $(30$ June $2024)252,100$

Prepaid Advertising $7,525$

Fixtures & Fittings $54,750$

Lifting machine $24,280$B Lake $-$ Drawings $18,315$Sales Returns & Allowances $7540$Electricity Expense $8,784$Cost of Sales $311,200$Depreciation Expense $-$ Fixtures & Fittings $4,562\mathrm{.}50$Depreciation Expense $-$ Lifting machine $2428$

Freight Inwards $2792$

Rent Expense $49000$

Discount Allowed $3663$

Salaries Expense $-$ Shop $223060$Advertising Expense $1125$

Interest Expense $530$

Doubtful Debts Expense $990$

Salaries Expense $-$ Admin $113,167$Credit $($$$)$

Discount Received $530$

Sales $644,688$

Accumulated Depreciation $-$ Lifting machine $4,856$

Telephone and Internet payable $2,201$Accounts Payable $20,331$

Interest Payable $530$

Loan Payable $73,260$

B Lake $-$ Capital $(1$ July $2023)550,061$Allowance for Doubtful Debts $2,990$Accumulated Depreciation $-$ Fixtures & Fittings $9,125$

Bella has provided the following additional information to assist you with your statement preparation: $$7,500$ of the Rent expense specifically relates to the administration office. The remainder of this expense relates to rent on the store, $30\%$ of the Electricity expense specifically relates to the administration office. The remainder relates to electricity used in running the store. The loan is to be paid off in three $(3)$ years.