GIX Max Collection, a branded office equipment trading business, has extracted the following balances from its ledger on year-end 28 February 2018. RM RM Office equipment Purchase Return Inward 22.800 390,000 2.500 Furniture and fittings Motor expenses Return Outward 22.400 7,700 6,200 Carriage inward 5.300 Rent received 12.000 Inventory, 1 March 2017 Wages and salaries 45 300 135.300 Rent 135,000 Drawings Telephone bill 24.000 10.400 220,300 Motor vehicles Carriage outward Bank Accounts receivable Accounts payable Commission received Rates Commission paid Sales Capital Additional information: 3,400 27.400 60 200 110,430 21.100 3,100 900 665,500 300770 1,116,000 1,116,000 Inventory at 28 February 2018 RM98,000. Rates prepaid amounted to RM500. Owner's son took out some office equipment (from business's store room) amoun to RM20,000 for personal use. Required: Prepare an income statement for the year ended 28 February 2018 and statement of financial position as at that date.