As at 31 December 2020, the following accounting information was available for ABC company. Item Accounting Information $ '000 1 Cost of equipment 12600 2 Accumulated depreciation of equipment at end of last year 3 Opening Inventory as at 1 Jan 2020 1890 15750 4 Inventory Purchases 53550 5 Closing Inventory as at 31 Dec 2020 6 Sales in the year 7 Consulting fee income 25200 70200 18000 8 R&D staff salary in the year 9450 9 General Staff salary in the year 3150 10 Annual insurance expense paid on 1 Aug 2020 5400 11 Total operating expenses 11925 12 Accounts receivable 1890 13 Accumulated retained profit at end of last year 25200 14 HKSAR Anti-epidemic fund - Employment support scheme 5400 15 Mid-term dividends paid on 1 Jul 2020 4410 16 Share capital 3150 17 Accounts payable 3150 18 Long-term bank loan 4410 19 Interest paid to Bank 630 20 Cash 12960 21 Interest received from bank 315 22 The Board decided to pay further dividends in Mar 2020 3780 23 Depreciation of equipment for the year 1890 24 Rate of profit tax. (The tax shall be paid in Feb 2020) 15% (a) Prepare the Balance Sheet. (4 marks) (b) Prepare the Profit and Loss Account. (4 marks)