Balance Sheet & Income Statement Coast Ltd., which has just started trading on 1 January 2019, has the following account balances prior to the recording of the final month of the year: Account Balances as at 30 November 2019 Account $ Cash $3 000 Accounts receivable $3 400 Stock of Supplies $17600 Rent $3 300 Property, Plant & Equipment -cost S36 000 Accounts payable $4 700 Bank Loan $9 000 Contributed capital (16 600 shares) $26 600 Sales revenue $70 000 Other expenses (excluding depreciation) $4 000 Wages $5 000 Cost of goods sold $38 000 In December 2019, the following transactions took place: 1. Credit sales $15,000 (cost of goods sold $7,000) 2. Credit purchases of goods $8,000 3. Cash sales $24,000 (cost of goods sold $15,000) 4. Paid rent for December $300 5. Paid wages of $1,800 6. Received $15,000 from debtors. 7. At the end of December, sold off an equipment that has costed $4,000 at the price of $3,500. The yearly depreciation expense of this equipment was $1,000. Additional information as below: 1. As at 31 December, the business was still owing $1,200 of wages to the staff. 2. Annual depreciation expense for the property, plant & equipment before the disposal of the equipment at transaction 7 was $9,000. Required: 1. Record the Account balances prior to adjustments in the workbook. Then, calculate and record the Adjustments in the workbook, total and balance the workbook. [3 marks] 3. Prepare a properly constructed Balance Sheet and Income Statement. [2 marks]