The Clarke Welding Company Ltd has an authorised capital of

£200,000, split into 150,000 £1 ordinary shares and 50,000 6% £1 preference shares. On 1 January 19-8 the company had issued 100,000 ordinary shares and all the preference shares. At 1 January the company's fixed assets were valued at £100,000, current assets £75,000 and current liabilities £25,000. Prepare the company's balance sheet at 1 January 19-8. LO.1