From the following balances $($and notes$)$ write up the "Income Statement for the year ended ${31}^{st}$

December $2023"$ and "The ASSET SECTION of the Statement of Financial Position as at ${31}^{st}$

December $2023"$

Balances as at ${31}^{st}$ December $2023$

NOTES:

Closing Inventory as ${31}^{st}$ December $2023$ is $95,000$

a$.$ Property is not depreciated

b$.$ Machinery & Equipment is depreciated on a straight$-$line basis for $10$ years with a scrap value

$15,000$

c$.$ Vehicles are depreciated on reduced$-$balance method of $20\%.$

Advertising has been prepaid by $1,000.$

Electricity has an accrual of $7,000.$

One debtors has gone bankrupt owing $1,000($i$.$e$.$ a Bad Debt$)$

Corporation tax bill is ${30}_{,}{000}_{?}$ end of year.

REQUIRED

a$.$ Prepare the journal entries for each of the year$-$end adjustments $(15$ marks$)$

b$.$ Prepare the Income Statement for the year ended December $31$st$,2023(15$ marks$)$

c$.$ Prepare the "Asset section" ONLY in the Statement of Financial Position as at December

$31$st$,2023(9$ marks$)$