Hello, please could you prepare an income statement and a balance sheet based on this trial balance:

If both not possible, please then focus on the balance sheet.

Thank you!

DR CR E 591,000 159,000 369,000 5,000 1,000 33,000 19.000 Sales Purchases Capital as at 19 Jan 2019 Bank Cash Accounts receivable (debtors) Accounts payable (creditors) Office rent Insurance Electricity Postage expenses Communication expenses Advertising expenses Distribution costs Inventory as at 19 Jan 2019 Salaries and wages Interest paid Drawings Land and buildings Equipment at cost Provision for Depreciation as at 19 Jan 2019 Long term Loan 48,000 20,000 40,000 6,000 18,000 24.000 19.000 21.000 154.000 3,000 38,000 360,000 180,000 70.000 80.000 1,129,000 1,129.000 The notes as at 31 December 2019 are as follows: 0 Inventory as at 31 December 2019 was valued at 23,000 (ii) Insurance expenses owing amounted to 1,500 (ii) Salaries and wages owing amounted to 5,500 (iv) ) Equipment is to be depreciated at 25% per annum on cost Required: (a) Prepare the income statement for the year ended 31 December 2019 (5 marks) (b) Prepare a balance sheet (statement of financial position) as at 31 December 2019 (5 marks) TE 1