2b. The following trial balance was obtained from the books of Ramon Castello as at December 31, 2020 : DETAILS Cash Land and Building DR CR 15,000 420.000 Provision for Depreciation on Building 64,000 Motor Vehicle 310,000 Provision for Depreciation on Motor Vehicle: 45,000 Machinery and Equipment 285,000 Provision for Depreciation on Machinery & Equipment 57,000 Capital 425,000 Drawings 22,500 10% Loan 300.000 Motor Vehicle Repairs 37,250 Commission Received 65,000 Opening Stock 60,500 Insurance 32,000 Bad Debts: 8.500 Sales 630,500 Wages and Salaries 65,000 Carriage Inwards 14,000 Discount Received 17,000 Loan Interest Creditors Returns 24,000 52,500 7,000 8,500 Rent Received 45,000 Purchases 410,000 Debtors 70,000 Provision for Bad Debts 4,200 Telephone Charges 18,000 Bank 85,050 1,798,750 1,798,750 Additional Notes a. Stock at year end was valued at $85,000 b. Wages is owing by $15,000 c. Insurance is prepaid by $3,000 d. During the year the owner took goods values at $12,500. This was not yet recorded e. The rent received is prepaid by $12,000 f. Commission income is owing by $15,000 g. The provision for bad debts is to be adjusted to 5% of debtors h. Depreciation charges are to be applied as follows ASSET Land and Building Motor Vehicle Machinery and Equipment RATE METHOD Required Prepare the following 10% Reducing Balance 5% Straight Line 5% Reducing Balance i. The Statement of Profit and Loss for the year ending December 31, 2020 ii. The Statement of Financial Position at at December 31, 2020