Analyse the following transactions incurred in 2004 and prepare an income statement for the period:
1. Capital was issued for EUR 100,000 cash.
2. Depreciation for plant and equipment amounted to EUR 8,500 for the year.
3. Inventory was purchased for EUR 15,900 cash.
4. EUR 9,400 worth of inventory was purchased on credit.
5. Inventory costing EUR 4,500 was sold for EUR 7,200 on credit.
6. EUR 3,500 in cash was received for merchandise sold on credit.
7. Dividends of EUR 3,000 were declared.
8. The declared dividends of EUR 3,000 were paid.
9. Income taxes payable in three months amounted to EUR 2,000.