B1 20 marks Akiko Industries began operations early in January 2020. On 31 December 2020, records showed the following asset, liability, equity, income and expense amounts: 51,200 Akiko, Capital ? Accounts receivable Rent expense Cash at bank Supplies expense Accounts payable Service income Supplies Equipment 27,000 20,500 10,500 19,000 295,000 22,000 96,000 Electricity expense Telephone expense Advertising expense Insurance expense Wages expense Drawings 14,400 9,800 25,000 5,000 88,000 46,800 Required: a) Prepare an income statement for Akiko Industries for the year ended 31 December 2020. (10 marks) b) Prepare a balance sheet as at 31 December 2020. (10 marks)