Debit Credit $ $ Sales 85,000 Purchases 43000 Wages and salaries 5200 Repairs and maintenance 2300 Heating and lighting 500 General expenses 1000 Insurance 1200 Cash at bank 7200 Cash in hand 8900 Trade receivables 900 Trade payables 5600 Premises 13000 Fixtures and fittings 9800 Motor vehicles 10000 Capital at 1 January 2020 20400 Drawings 8000 111000 111000 ** There is $16,000 inventory by the end of the year. Prepare the financial statements of Happyland Co. Ltd. for the first trading year, i.e. 1) a profit and loss statement (income statement) and 2) balance sheet (statement of financial position, based on the information from above trial balance