Using the provided trial balance and additional data, create an income statement for Gamma Ltd for the year ended 31 December 2023.

Gamma Ltd Trial Balance as at 31 December 2023:

Account Name	Debit (£)	Credit (£)
Sales		1,400,000
Purchases	800,000
Inventory (01.01.2023)	180,000
Rent	70,000
Wages	220,000
Administrative Expenses	100,000
Depreciation	60,000
Interest	40,000
Equity Capital		500,000
Retained Earnings (01.01.2023)		250,000
Trade Payables		180,000
Trade Receivables	90,000
Cash	50,000
Buildings	700,000
Machinery	400,000
Accumulated Depreciation		100,000
Total	2,690,000	2,690,000

Additional Information:

• Closing Inventory: £200,000
• Corporation Tax: £70,000