Fred is a trader. He does not maintain a full set of accounting records but the following information is available. $1$ Summarised bank transactions for the year ended $31$ December $2024$ Receipts $ Payments $ Trade receivables $16000$ Trade payables $14500$ Cash sales banked $3700$ Purchase of fixtures $1250$ Rent received $300$ Insurance $4000$ Rates $32502$ All cash sales were banked on the day of receipt with the exception of the following which were paid out of cash receipts: i$.$ Insurance $ $500$ ii$.$ Drawings $$15003$ Balances at: $1$ Jan $202431$ Dec $2024$ Fixtures $($net book value$)60006500$ Inventory $30002400$ Trade receivables $42004500$ Trade payables $27502950$ Rates owing $400550$ Rates prepaid $300600$ Required: Income Statement for the year ended $31$ December $2024(10$ marks$)$