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ACTIVITY: INCOME STATEMENT. The following list of accounts for BUHO, Inc. is available at the end of December 2020. Make a summary of Income Statement from the given information below with the following required data. 1. Calculate the net turnover. 2. Calculate the consumption of goods for sale 3. Prepare the Income Statement of BUHO, Inc. for the year 2020 ACCOUNT AMOUNT Advertisement expenses 25,500 Change in inventory of goods for sale (increase) 1,700 Discount for volume of sale 250,000 Grants, donations and legacies transferred to income for the year 112,000 Income tax 13,500 Insurance expense 44,500 Intangible assets depreciation expense 110,800 Interest from long term loans to other companies 125,000 Interest of debt from financial institutions 1,120,000 Losses for uncollectible accounts 21,200 Losses from disposal of tangible fixed assets 22,640 Losses from impairment of inventory of goods for sale 5,800 Losses from impairment of trade accounts receivable 23,600 Purchase of goods for sale 10,854,000 Purchase returns of goods for sale 130,000 Rent revenue 54,800 Repairs and conservation 69,600 Revenue form holdings in equity instruments, other companies 51,200 Reversion of impairment of trade accounts receivable 92,000 Sale of goods for sale 36,109,440 Social security in charge of the company 198,000 Tangible assets depreciation expense 630,000 Wages and salaries 3,840,000 Work performed for own assets 45,000