Ben White, a retailer, adds 25% to the cost of goods purchased for resale to arrive at his selling prices. His financial position at 30th June 2014 was: Assets Plant and machinery 5,000 Inventory 3,825 Receivables 7,175 Cash at bank 2,200 Liabilities Payables 3,000 Loan from Z (interest free) 2,000 During the year ended 30th June 2015 he: 1. Paid 11,675 for goods for resale (cheque) 2. Repaid 500 of the loan from Z (cheque). 3. Purchased a van for 700 (cheque) on the last