Final-Assessment Limited is currently closing its financial year and wants to finalize the financial statements. The following is the Unadjusted Trial balance of the company for the year ended December 31, 2020: Final Assessment Limited Unadjusted Trial Balance for the year ended December 31st, 2020 Debit Credit Property, Plant & Equipment 9,450,000 Accumulated Depreciation 3,450,000 Cash & Cash Equivalent 1,400,000 Prepaid Insurance 200,000 Trade Receivables 2,650,000 Inventories 1,100,000 Sales Revenue 5,000,000 Cost of Sales 3,500,000 Rent Income 100,000 Comission Income 125,000 Advertising Expense 90,000 Salaries & Wages Expense 125,000 Distribution Expense 85,000 Trade Payables 1,900,000 Long-term debt 3,750,000 Share Capital 453,125 Accumulated Profits 3,821,875 TOTAL 18,600,000 18,600,000 Adjustment Notes: 1. On December 10th, 2020 the company sold a piece of Machinery (Property, Plant & Equipment) having cost of Rs. 500,000 and book value of Rs. 200,000. This machinery was sold on cash for Rs. 100,000. No record of this entry exists (i.e. it has not been recorded) 2. On September 25th, 2020 the company bought an insurance policy for its assets for Rs. 200,000 covering period of one year. 3. It has been estimated that the company will have to provide for bad debts at rate of 3% of sales. 4. On September 6th, 2020, the company obtained a long-term loan from a commercial bank for Rs. 3,750,000. This loan carries an interest rate of 12.5% with interest payable on semi-annual basis. The company pays income tax at 30%. The tax is paid in arrears. Required: a) Pass all necessary Adjusting Entries b) Prepare an Adjusted Trail Balance as of December 31st, 2019 c) Prepare a Statement of Financial Position as of December 31st, 2020 d) Prepare a Statement of Profit & Loss for the year December 31st, 2020 e) Prepare all necessary closing entries (2 marks) (4 marks) (8 marks) (4 marks) (2 marks)