1 The following Trial Balance was extracted from the books of Amadi Enterprise, a second-hand bags dealer as at 31" December, 2020 DR CR Gle GHe Inventory 180,000 Vehicle (Cost) 225,000 Trade Receivables 120,000 Accumulated Depreciation Vehicle 45,000 Furniture & Fittings 15.180 Trade Payables 150,000 Drawings 180,000 General Expenses 97,500 Allowance for receivables 3,350 Rate & Rent 42.000 Insurance 7,500 Bad Debt 10.500 Discount Received 37,725 Discount Allowed 22,740 Bank & Cash 247,60 Wages & Salaries 375,000 Sundry Expenses 9.225 Vehicle Running Expenses 23.475 Furniture & Fittings 15,900 Repairs to the shop 9,750 Returns 5.10 18,695 Purchases 970,000 Sales 1,600,000 Capital 231,250 2601630 The following additional information are provided: i. Allowance for receivables should be adjusted to 5% of trade receivables. ii. Rate and Rent has been paid in advance by two (2) months. Note that Amadi Enterprise pays GH2,000 each month. Inventory as at 31 December, 2020 GH80,150. i. A bill of GH6,150 for vehicle running was outstanding as at 31 December, 2020. x. The Enterprise provide depreciation as following. .Vehicles 20% per annum on straight line bases. Furniture and Fittings 20% per annum on reducing balance basis. You are required to: i. Prepare Income statement for the year ending 31st December 2020. 1. Prepare Statement of Financial Position as at 31st December 2020