10 The following trial balance has been extracted from the books of "Until It Rains in September Plc as at 31 May, 2017 Dr Cr $000 $000 Administrative expenses 257 Audit fees Bank 5 Payables 85 12% Loan notes 100 Debenture interest paid 6 Receivables 225 Directors' remuneration 60 Dividends paid: Ordinary shares 20 Preference shares 5 Furniture: At cost 200 Accumulated depreciation 48 Investment at cost 335 Investment income Ordinary share capital 400 Preference share capital 200 Retained earnings 17 Purchases 400 Sales 800 Share premium 50 Inventory 155 Wages and salaries 44 1722 1722 22 1. The inventory at 31 May 2017 was valued at $195, 000. 2. Administrative expenses owing at 31 May 2017 amounted to $13,000. 3. Depreciation is to be charged on furniture at a rate of 12.5% on cost. 4. Salaries and wages in advance amounted to $4.000. 5. Corporation tax was estimated to be $ 8.000 Required: a) In so far as the information permits, prepare the income statement for the year ending 31 May 2017 in accordance with the appropriate accounting standards. In so far as the information permits, prepare the statement of financial position as at 31 May 2017, in accordance with the appropriate accounting standards