4. The following payables' ledger control account has been prepared by a trainee accountant. Payables ledger control a/c DR CR $ $ Balance b/f 42,000 Purchases 16,000 Discounts received 500 Contra 5,000 Payments to suppliers Balance c/f 20,000 1,500 42,500 42,500 Required: What is the correct payables balance to be reported in the Statement of Financial Position?