1. Adegbite Ltd has produced the following trial balance for the year ended 31 Decemt 2018 : Additional inrormation: (i) Inventory at 31 December 2018 was valued at a cost of 80,000. However, inventory included in that figure, which had cost 610,000 , was found to be out of date, and had to be thrown away with no scrap value. Assume there is no disposal cost. (ii) Depreciation has not yet been provided for the year. The following depreciation policies are applied, with the assumption of no residual value: Property, plant and equipment 5% straight line (iii) On 31 December 2018, a property was sold in return for 950,000 in cash. The net book value of the property at the date of the sale was E400,000. This transaction has not been reflected in the trial balance. Ignore any tax implications. (iv) On 15 february 2019, the company received an electricity bill for 19,000 in respect of the 3 months ended 31st January 2019. For an accrual estimation, assume electricity was consumed evenly throughout the 3 months' period. (v) On 4th January 2019, the company discovered that one of its customers, who owed 16,000, had gone into administration in 2018. The company expects that there will be no receivables payment from this customer. (vi) A general provision of 5% of trade receivables is to be carried forward. (vii) The corporation tax charge for the year has been calculated at 20,000, which will be paid in full after the year end. (viii) Interest is charged on the bank loan at the rate of 6% per annum. The company has not paid the interest yet. This transaction has not been reflected in the trial balance. Required: Prepare a Statement of Profit or Loss and Statement of Financial Position for Adegbite Ltd, for the year ended 31 December 2018