Comfort and Care (C&C), a wholesaler of high quality home furnishings. The business commenced its activities on 1 January 2020. The following is a summary of business transactions that occurred during the first year of trading 1. The owners introduced RM500,000 of cash, which was paid into a business bank account 2. A lorry was bought on 1 January 2020 cash for RM92,000. This is expected to be used in the business for ten years and then to be sold for RM7,000. 3. The business purchased inventories on credit from a manufacturer (Vintage Oak Furniture (VOC) for RM100,000. Sold goods on credit of RM80,000 to Big City Furniture (BCF) (cost of Sales RM35,000) 5. Cash sales revenue totalled RM100,000 (cost of sales RM60,000). 6. Premises were rented from 1 January 2020 at an annual rental of RM 24,000, During the year, rent of RM20,000 was paid to the owner of the premises. 7. Salaries were paid to employees RM12,800 by cheque & Receipts from trade receivables totalled RM60.000 (BCF) Payments of trade payables totalled RM70,000. (VOC) 10. Paid utility bills amounted RM15,100, 4. 9 NOTE: The business uses the straight-line method for depreciating its non-current assets Required: (a) Prepare an Income Statement of Comfort and Care (C&C) for the year ended 31 December 2020 [7 marks) (b) Prepare a statement of Financial Position of Comfort and Care (C&C) as at 31 December 2020