A Chung carries on business as a retail trader. The trial balance of his business as at $31$ December $2019$ was as followsDrCr$$Capital $225,600$ Sales and Purchase$266,800365,200$Inventory at $1$ January $201923,340$Returns $1,2001,600$Wages$46,160$Rent $13,000$Motor $3,720$Insurance $760$Irrecoverable Debts$120$Allowance for receivables:$1$ January $2019588$Discounts $8641,622$Light and Heat $3,074$Bank overdraft Interest $74$Motor Vehicles at cost $24,000$Aggregate Depreciation$12,240$Fixture and Fittings $28,000$Aggregate depreciation $16,800$Land $100,000$Receivables and payables $17,33023,004$Bank $3,412$Buildings at Cost $100,000$Aggregate Depreciation $1$ Jan $20196,000$Drawings $20,800652,654652654$ You are given the following additional information:$1.$ Inventory at $31$ December $2019$ was $$25,680\mathrm{.}2.$ Rent was prepaid by $$1,000$ and light and heat owed was $$460$ at $31$ Decembers $20193.$ Land is to be revalued to $$250,000$ at $31$ Decembers $20194.$ Following a final review of the receivables at $31$ December $2019,$ A$.$ Chung decides to write off another debt of $$130.$ He also wishes to maintain the allowance for receivables at $3\%$ of the year$-$end balance$\mathrm{.}5.$ Depreciation is to be provided as followsa. Building $-2\%$ annually, straight line Fixtures &Fittings Straight line method, assuming a useful economic life of five years with no residual valueb. Motor vehicles$-30\%$ annually on a reducing balance basis.Full years Depreciation is charged in the year of acquisition and none in the year of disposal.a$.$ Prepare the Statement of Profit or Loss and other comprehensive income for the year ended $31$ December $2019$ and a statement of financial position as at that date for A$.$ Chung.