Extended Trial Balance Class exercise The following balances were extracted from the books of Akupho Enterprises as at 31st December 2017 N Capital 45,214 Purchases 388,200 Sales 522,900 Salaries and Wages 33,440 Rent and Rates 9,860 Trade Receivables 72,300 Sundry Expenses 4,142 Bad Debt 1,884 Drawings 9,502 Provision for doubtful debt 3,702 Bank 2,816 Trade Payables 34,308 Cash 334 Inventory 82,124 Motor car @ cost 7,200 Provision for depreciation 2,100 Discount received 1,500 Carriage Inward 872 Bank interest received 250 Commission received 2,700 Additional information: i. Inventory at 315 December 2017 was valued at N99,356 ii. Rent prepaid at 31st December 2017 amounted to N1,600 iii. Salaries and wages outstanding at 315 December 2017 amounted to N3,012 iv. Depreciation to be provided on the motor car at the rate of 20% per annum V. Drawings of goods costing N800 and cheques N1,200 by the owner was yet to be recorded Using extended trial balance, you are required to prepare the statement of profit or loss for the year ended 31st December 2017. marks) (20