Below is unadjusted trial balance for NCZ as at December 31, 2014 Cr K Dr K 157,500 123,750 208,500 950,000 Cash Accounts Receivable Inventory January 1 Equipment Accumulated Depreciation Accounts payable Common Stock (capital) Retained Earnings Sales Revenue Purchases Wages Expense Electricity Expense Water Expense Insurance Expense Advertising expense Income tax Expense 255,000 577,500 200,000 170,500 1,610,000 1,026,250 225,000 16,000 30,000 15,000 25,000 36,000 2,813,000 2,813,000 Additional information 1. Equipment depreciation for the year amounted to 200,000 2. After the actual stock count it was discovered that the closing inventory should be K150,000 3. The insurance expense includes K12,000 for the period January to March 2015 4. Revenue includes K20,000 for the items that will be supplied in February 2015 5. K1,500,000 of credit sales have not yet been recorded in the books 6. The water expense for the month of December 20014 amounting to K5, 000 has not been recorded in the books. 7. Advertising expense includes K5,000 paid in advance. Required 1. Prepare the Journal entries for the above additional information to update the books of Accounts for XYZ(10 marks) 2. Prepare the income statement for the period and the statement of financial position as at that date( 15 marks)