Charles Penguin Ltd is a wholesaler, and the financial year end is December 31 st. The ollowing information is available: (1) At January 1st,2021, inventory was valued at $10,000. (2) At December 31st,2021 : (i) There was a bank overdraft of $7,500; (ii) Account Receivables averaged 2 months sales; (iii) Account Payables averaged 3 months purchases; (3) For the year to December 31st,2021 : (i) Net profit to sales was 15\%; (ii) Gross Profit mark up was 75\%; (iii) There was an inventory increase of $8,000; (iv) The inventory turnover rate was 8 times. Prepare the Income Statement for the year ended December 31st2021. Calculate the Current Ratio and Liquidity Ratio as at December 31st2021. (Total: 15 marks)