Adjustments 1) Closing inventories was 25,000,000 on the 31st of December 2020. 2) Corporation tax is 25% for the year, half due now in cash and half due in April 2021. (3) Property was revalued from 60,000,000 to 70,000,000. 4) A court case of a present obligation is being settled (within a year) and therefore regarded as being probable, with Kingsla Motors PLC needing to pay a competitor for copyright infringements at a reliably estimated amount of 8,000,000. 5) Depreciation (all based on reducing balance): a) Assembly Line Machine - 20% 6) Amortisation/Impairment: a) 3,500,000 of inventories need to be written off as they've been deemed obsolete (not yet included in stock figure) 7) 2,500,000 of intangibles assets were purchased using cash. 8) Dividends were distributed to shareholders during the financial year to a value of 4,500,000 in cash. 9) A1 for 5 bonus issue was given to shareholders. The bonus issue was conducted before the rights issue. 10) A rights issue of 1 for 4 basis, at 250 per share, with 75% of shares bought by shareholders. REQUIRED Please prepare a balance sheet and income statement for 31st December 2020 using the trial balance presented on the previous page, ensuring that you make all the requested adjustments