Items RM Acquisition price Legal fees 150,000 1,500 6. The lorry will be depreciated by using reducing balance method at 25% per annum. 7. The furniture will be depreciated using straight line method for 5 years with no residual value. 8. Provision for doubtful debt is made at 5.25% at the end of the first year. You are required to: 1. Prepare relevant ledgers for all the transactions. 2. Prepare the income statement. 3. Prepare the balance sheet. Items RM Acquisition price Legal fees 150,000 1,500 6. The lorry will be depreciated by using reducing balance method at 25% per annum. 7. The furniture will be depreciated using straight line method for 5 years with no residual value. 8. Provision for doubtful debt is made at 5.25% at the end of the first year. You are required to: 1. Prepare relevant ledgers for all the transactions. 2. Prepare the income statement. 3. Prepare the balance sheet. Items RM Acquisition price Legal fees 150,000 1,500 6. The lorry will be depreciated by using reducing balance method at 25% per annum. 7. The furniture will be depreciated using straight line method for 5 years with no residual value. 8. Provision for doubtful debt is made at 5.25% at the end of the first year. You are required to: 1. Prepare relevant ledgers for all the transactions. 2. Prepare the income statement. 3. Prepare the balance sheet. Items RM Acquisition price Legal fees 150,000 1,500 6. The lorry will be depreciated by using reducing balance method at 25% per annum. 7. The furniture will be depreciated using straight line method for 5 years with no residual value. 8. Provision for doubtful debt is made at 5.25% at the end of the first year. You are required to: 1. Prepare relevant ledgers for all the transactions. 2. Prepare the income statement. 3. Prepare the balance sheet