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The Tuning Company Limited is a trader in agricultural produce. The following Trial Balance was obtained as at December 31, 2021: DETAILS DR CR Sales 1,800,000 Cost of Sales 1,200,000 Fixtures and Fittings 120,000 Provision for Depreciation (Fixtures and Fittings) 24,000 Stock at December 31, 2021 160,000 Insurance Expense 18,000 Director's Fees 50,000 Ordinary Shares Dividends Paid 15,000 Bank 40,000 Wages and Salaries 140,000 Debenture Interest Paid 16,000 Goodwill 200,000 Premises 450,000 10% Debenture 200,000 Retained Profits 200,00 18:15 50,000 Debtors 160,000 Creditors General Reserves 40,000 115,000 Management Fees Ordinary Shares @ $0.50 80,000 400,000 10% Preference Shares @ $2 200,000 Motor Vehicles 200,000 Provision for Depreciation (Motor Vehicle) 40,000 2,859,000 2,859,000 End Notes 1. Wages and Salaries is prepaid by $20,000 2. Insurance is owing by $2,000 3. Provide for depreciation as follows Items Method Rate Fixtures and Fittings Straight Line 10% 4. Corporation tax is estimated at $45,000 5. The goodwill is to be impaired by 25% 6. On December 15, the directors announced that no further ordinary shares dividends will be declared. However, the preference shares dividends will be honored 7. A transfer of $30,000 is to be made from profits to general reserves 8. The following expenses are to be apportioned between Admin and Selling & Distribution Expense Items Admin Sell & Dist. Wages and salaries 70% 30% Insurance 50% 50% Management Fees 60% 40% Directors Fees 50% 50% Depreciation Charges 40% 60% Required: The Statement of Profit or Loss for the year ending December 31, 2021