answers for financial accounting and reporting please.

The following trial balance was taken from the books of XYZ Corporation on December 31, 2017 Account Debit Credit Cash $12,000 Account Receivable 45,200 44,000 Inventory Prepaid insurance 4.800 Building 85,000 Accumulated dep- Building 8,500 20,000 5,000 Plant and equipment Accumulated dep-equipment Accounts Payable Share Capital-Ordinary Retained Earnings 5,000 44,000 55,000 267,300 Sales Revenue Cost of Goods Sold 111,000 Administration Expense 50,000 Distribution Expense 12.800 Totals 384,800 384,800 Additional Information 1). The year end inventory count has revealed a shortage of $5,000 ii) The building was bought last year, it has the economic life of 10 years and the residual value of K5,000 it is depreciated using declining(single) balance method. Depreciation is charged 70% to administration, 30% to cost of sales. ii) Plant and equipment is expected to have a life span of 4 years it is depreciated using the streight line methos. Depreciation is charged 60% to cost of sales and 40% to distribution. iv) At the year end it was discovered that $20,000 of the sales Revenue was made to customers who had the right to return the goods by the end in January 1 2018. The cost of these goods was $12,000 from past experience, about 25% of such sales are returned. Required 1) Prepare the journal entries to record the adjustments i) to iv above (10 marks) ii) Prepare the income statement for the period ending 31 December 2017, the statement of financial suitable for presentation to shareholders as prescribed by International Accounting Standard 1 (IAS 1) (15 marks) iii) Prepare the closing entries