D. Staunton is a sole trader and you are given the following information relating to her business: Trial balance as at 30 September 2020 Dr Cr f f Accounts receivable 73,200 Business rates 19,978 Accounts payable 62,165 Returns outwards 2,064 Drawings 34,792 Inventory as at 1 October 2019 25,967 Utilities 18,603 Wages & salaries 136,163 Sales 592,013 Equipment: at cost 188,760 Delivery vans: at cost 92,220 Equipment: accumulated depreciation at 1 Oct 2019 74,100 Delivery accumulated depreciation at 1 Oct 2019 60,720 Purchases 307,847 Bank 1,337 Bad debt expense 13,192 Allowance for doubtful debts at 1 October 2019 2,240 Capital 118,757 912,059 912,059 335 Additional information: 1 The inventory was counted at 30 September 2020 and was valued at 26,424. 2 Depreciation is to be applied at the following rates: Equipment: (reducing balance) 30% Delivery vans: (straight-line) 20% 3 The amount shown for business rates on the trial balance includes a payment of 11,760, which represents twelve months' business rates to 31 January 2021. 4 Utilities charges incurred for which no invoices have yet been received amount to a total of 4,167. 5 The allowance for doubtful debts is to be set at 4% of accounts receivable. Required: Prepare the following financial statements for D. Staunton's business: (a) An Income Statement for the year ended 30 September 2020. (b) A Balance Sheet as at 30 September 2020