128,000 64,000 450,000 450,000 Cash Equity (Equity Introduced) Building long-term Loan 1 Equipment Long-term Loan 2 Purchases (Total) Sales (Total] Marketing Expenses 94,000 94,000 198,000 349,000 37,500 59,000 Receivables Trade Payables Light & Heat (Expense) A/C 31,000 21,500 988,000 988,000 After the Trial Balance (TB) was prepared you have been informed of the following adjustments that need to be completed: The figure in the TB for L&H refers to the amount paid for 11 months. A notice was received after the year end stating that the amount owing for December 2,500 was It has been estimated that the useful life of the Equipment is 4 years. Which of these statements is/are correct for NEWBIZ? | The Closing Balance on Equity (which is the amount the owner owes to the business) is 64,000 11 The Total for Current Liabilities (which includes amounts payable within a yean) is 31,000, Select one a. Only lis correct b. Both (i) and (ii) are correct c. Both (i) and () are incorrect donly lis conect