$14.$ The following trial balance was extracted from the books of Maybach Ltd at $31$ Dec $20$X$8.1.$ The closing inventory was valued at cost at

$2.$ Administrative expenses included a payment of

for insurance for the period $1$ Sep

to $30$ Jun

$3.$

of receivables was considered doutful at the year end, and it was decided that an allowance for these should be accounted for.

$14$ The follouing rial alane was etratd fiom the bocks of Mayhack Ld at $31$ DecShuocenitalShare pecmiumRtainod earnings at Jan $20$XPundhusesSilesAnsserAdmin cspeneDeeciie epenseSelling & datrihticn eupenelnterest cxpenseehaseTas espensTrade receivablesWorkting $2$Allowance for receivahble at I Jan $20$X$8$Trde pyables$10\%$ lounAdustments oe the following are roquired at the year endThe closing invenory was vaued al cast al $$I$48,000$ab mark$)$Inventory at $1$ Jan $20$XHCahRequirements:Adminiive cspenses included a payment of C$12\mathrm{.}000$ for insurance for the period I Sep$20$X t $0$ Jun $20$XE$,000$ of receivables was conidercd dutl ut the yar end, and it was decided that anallawance for these should be accounted for.a$)$ Prepare statcment of peofit oe lass $($sOPL$)$ far the year ended$31$ Des $20$Xs for Maytack,b Prepure statemcnt of financial position $($SOFP$)$ a $31$ Dee $20$X$8$ for Mayhack.Prepare satement of cash flows $($S$0$C$)$ for the yer endod $31$ Dec $20$X$8$ or MayhackAsuming that the stalement of fnancial posion of the company at $31$ Dee $28$X$7$ isasnvetoeAsets blsAllew anceTotel ansetsOndinary sharesShare pWorking: $($ mark$)$MayficldSTATEMENT OF INANCIAL POSITION AT $311220$X$7$cnt asts $($NCAWeckingLcesing insentoryOpnin inventecyTotal liabilitics Eqeiticseesiin$-$During $2$oxs, Mayback disposcd an equipment with cost of E$40\mathrm{.}000$ and adepreciation of E$10,000.$LClosing inventoryWorkine $3$ucasi hDlal dkte expenJoanGAllonun fcivabeLess on dsposal$120$Les Oetin csypense$12$Bad debe cxpens$521120$DR LOSSSo$00114$a$)($l mark$)$SalesCOGGPLoss on disposalLess: Operating expenseAdmin expcnseSelling expenseInterest expensePAs: Tax cxpenseb$)($L mark$)$NCASTATEMENT OF PROFIT OR LOSSFor the year ended $31$ Dec $20$X$8$Tso$00$CashSTATEMENT OF FINANCIAL POSITIONAs at $31$ Dee $20$X$8$Accumulated depreciationPrepaid insuranceInventoryAccount receivablesAllowance for bad debtTotal assetsOrdinary shareShare premiumRetaincd carningTrade payable$10\%$ loanTotal liabilities $+$ Equity$)(15$ mark$)$L Cash lows from operating activitiesProfit before taxAdiustmscnts for:Depreciation expenseLoss on disposalInterest expenseProfit before change in WCIncrease in inventorDecrease in ARDecrease in T$1$STATEMENT OF CASH FLOWSFor the year ended $31$ Dec $20$X$5$Incrcase in Prepaid nsuranceInterest paidtax paidCash generated from operating activiticsNet cash sed in eperating activitiesIL Cash lows from investing activitieCash receipt from disposalCash paid to acquired NCANet cash used in investing activitiesII, Cash flows from financing activitiesCash receipt from share iCash receipt from loan isCash dividend paidNet cash increase in financing activitiesNet cash increase in periodSO$00$Opening balance of cash & cash equivalenceClosing balance of cash & cash cequivalenceSO$00$S$\text{'}$O$00$

Requirements: a$)$ Prepare statement of profit or loss $($SOPL$)$ for the year ended $31$ Dec

for Mayfield. b$)$ Prepare statement of financial position $($SOFP$)$ at $31$ Dec

for Mayfield. c$)$ Prepare statement of cash flows $($SOCF$)$ for the year ended

for Mayfield. Assuming that the statement of financial posion of the company at

is as followed:

I need the detailed and step by step answer.