I have to prepare income statement an explain why statement of financial position balance. I really need help with this

QUESTION 1 The following balances relate to Eccles pic for the year ended 31" December 2018 2 1 ordinary shares 310.000 10% 1 preference shares 300.000 4% Debentures 100.000 Plant and equipment 632.730 Stock at 31 *' December 2018 330.600 Sales 826.650 Cost of sales 578.650 Debtors 170.125 Trade creditors 1 71.355 Cash and bank 12.900 Retained profits at 1\"t January 2018 132.000 Ordinary dividend paid 20.000 Preference dividend paid 30.000 Administrative expenses 30.000 Interest paid 2.000 Directors remuneration 5.000 Distribution costs 28,000 Milli more The following infon'nation is relevant: 1. Corporation tax for the year is estimated at 68,000. 2. Salesmen are owed commission of 3,000 in respect of December sales. It will be paid on 31lit January 2019 and has not been recorded in the ledger accounts yet. 3. Goods valued at 930 were sent to customers on :31at December 2018. Payment is due on 28 February 2019. This has not been recorded in the ledger accounts yet. 4. The preference shares should be included within equity. Required: a) Prepare an income statement for the year ended 31\"t December 2019 for Eccles plc and a statement of financial position as at that date. [40 marks] b) Explain why the statement of nancial position balances. [10 marks]