Brightbrush Ltd sells fine paintbrushes. It has three paintbrush ranges, the Alphabrush, the Gammabrush and the Epsilonbrush. You have been asked to produce the financial statements for the company for the year ending 31 May 2022 using the trial balance and additional information below. dditional information During the year, the Epsilonbrush has been introduced. This model has superior bristles to the Alphabrush, and as a result, the Alphabrush is not selling as well. Information from the company about inventory at 31 May 2022 is given below. (ii) Brightbrush has an opening provision for doubtful debts/impaired receivables of 25,200 on 1 June 2021. This consists of a collective provision only. During the year to 31 May 2022, a debtor owing 6,600 goes bankrupt and Brightbrush have been informed that they will not receive any of this money. At 31 May 2022, the company has an individual doubtful debt of 6,800 and requires a 5% collective provision. No adjustment has been made for any of this information in the trial balance above. (iii) Brightbrush has been advertising its new Epsilonbrush through an agreement with a digital marketing company. Advertisements for 3 months started on 1 May 2022 and costing of 18,600 have been paid for in full on 10 May 2022 and recorded at this amount in the trial balance as part of general expenses. (iv) Electricity is paid quarterly in arrears and the heat and light amount in the trial balance does not include the bill for 6,000 which was not received until 30 June 2022, which covered the quarter until that date. (v) Property, plant and equipment is depreciated at 15% per year on a straight-line basis assuming a residual value of zero. No acquisitions or disposals have taken place during the year. REQUIRED Prepare a statement of profit or loss for the year ended 31 May 2022 and a statement of financial position as at that date for Brightbrush Ltd. Use appropriate headings and show your workings