A Trial Balance for the Pearl Motors Co is shown below: Pearl Motors Co Trial Balance as at 31 December 2020 Accounts Accounts Payable Accounts Receivable Bank Loan Bank Loan Interest Cash at Bank Purchases Motor Expenses Rent Insurance Share Capital Property Sales Vehicles Debit Credit 4,725 25,000 25,000 2,100 47,225 21,650 6,750 3,000 4,000 50,000 75,000 145,000 40,000 224,725 224,725 The follow adjustments need to be made to the Trial Balance: 1. Closing inventory at the end of the year was 2,000. 2. The vehicle was bought beginning of 2020 and has not been depreciated; the policy states a straight line method of depreciation over 8 years. 3. Director's salary of 25,000 has not been paid yet which needs to be accrued in the accounts for this financial year. 4. Annual insurance premium of 4,000 is included in the trial balance which started on 1st July 2020. 5. The year-end loan statement shows interest of 700 for the final quarter of the year which has not been recorded in the ledgers yet. 6. Wages yet to be paid at the year-end amount to 5000. Requirements: a) Restate the Trial Balance to adjust for the transactions listed above. b) Prepare the Income Statements. c) Prepare the Statement of Financial Position. (15 marks) (10 marks) (10 marks)