11 The Trial Balance of JBC Limited, a company which sells on-line items, as at 31 July 2022, is given below: Provision for doubtful debts 1,200 Salaries and wages 82,300 Inventory at 1 August 2021 34,620 Dividend paid 1,500 Purchases 362,118 Sales 615,753 Administrative expenses 36,580 Distribution costs 18,115 Land at cost 315,000 Motor vehicles at cost 32,860 Motor vehicles accumulated depreciation at 1 August 2021 17,450 1 Ordinary Shares 260,000 Retained Earnings 48,190 Buildings at cost 125,000 Buildings accumulated depreciation at 1 August 2021 18,380 Bank 17,350 Share Premium 6,300 5% Loan notes 90,000 Loan note interest Trade Receivables 2,000 60,340 Trade Payables 30,510 1,087,783 1,087,783 The following Information should also be taken into account: 1. Motor Vehicles are depreciated at 20% per annum using the reducing balance metho 2. Buildings are to be depreciated at 3% per annum using the straight-line method. 3. The closing inventory was valued at 46,740. 4. Corporation tax on profits for the year was estimated at 13,450. 5. Administrative expenses accrued were 2,500. 6. A customer who owed 4,800 has gone bankrupt and the company has decided to treat the amount as a bad debt. 7. Distribution costs prepaid amounted to 1,230. 8. The provision for doubtful debts is to be adjusted so as to represent 6% of the trade receivables. Required: Prepare the following statements for JBC Limited: a) Statement of profit or loss for the year ended 31 July 2022 (20 marks)