Using the following trial balance and additional information, prepare an income statement for Delta Ltd for the year ended 31 December 2023.

Delta Ltd Trial Balance as at 31 December 2023:

Account Name	Debit (£)	Credit (£)
Sales		1,500,000
Purchases	800,000
Inventory (01.01.2023)	200,000
Rent	70,000
Wages	200,000
Administrative Expenses	90,000
Depreciation	60,000
Interest	40,000
Equity Capital		600,000
Retained Earnings (01.01.2023)		250,000
Trade Payables		150,000
Trade Receivables	100,000
Cash	50,000
Buildings	700,000
Machinery	400,000
Accumulated Depreciation		120,000
Total	2,710,000	2,710,000

Additional Information:

• Closing Inventory: £220,000
• Corporation Tax: £80,000