Jay Jack is in business as a sole trader. The following balances were extracted from his books on 31 March 2019. Capital Drawings $ 80 000 25 000 Non-current assets (at cost) Land and buildings Computer equipment Fixtures and fittings Provisions for depreciation Land and buildings Computer equipment Fixtures and fittings Wages and salaries Computer repairs Commission receivable Trade payables Trade receivables Revenue Purchases Returns outwards 150 000 46000 12 000 9.000 18000 6600 87 000 21 600 Inventory at 1 April 2018 Rent and rates Provision for doubtful debts Marketing expenses 4% bank loan (repayable May 2025) Bank loan interest paid Heat and light General expenses Bank overdraft 12300 31 850 42 000 475 000 255 000 7900 31 000 22750 3.700 12 600 80 000 2100 9750 14300 6750 Additional information at 31 March 2019 1. Inventory was valued at $26 400. 2. Jay Jack had taken goods valued at $3200. No entries had been made in the books. 3. A computer costing $8 000 had been recorded in the computer repairs account. 4. Computer repairs of $2 100, paid by cheque, had not been recorded in the books. 5. Rent of $2 000 was owing and rates of $450 were prepaid. 6. Marketing expenses included a payment of $700 for a six- months' campaign ending 30 June 2019. 7. The 4% bank loan was taken out on 1 July 2018. 8. Depreciation is to be charged on all non-current assets owned at the end of the year as follows: Land costing $75 000 not depreciated Buildings 2% per annum on cost Computers 20% per annum using diminishing (reducing) balance method Fixtures and fittings 10% per annum using the straight- line method 9. Trade receivables of $4 000 are irrecoverable. The provision for doubtful debts is to be maintained at 5%. REQUIRED (a) Prepare the income statement for the year ended 31 March 2019. (b) Prepare the statement of financial position at 31 March 2019. [30 marks]