John owns a small business selling home electronics. Below is the company's unadiusted trial balance dated December 31.2021. Additional information is provided for use in preparing the company's adjustments: 1. Closing inventory is valued at $130,000. 2. Equipment is depreciated by 25% on straight line basis. 3. Motor vehicles are depreciated by 30% on reducing balance basis. 4. Accrued wages at the end of 2021 amount to $5,200. 5. On 1st April 2021 John paid $6,000 for insurance which was valid until 31st March 2022. 6. Irrecoverable receivables of $3,200 need to be write off. 7. John decides to increase allowances for receivables to $10,000. 8. John has taken goods worth $30,000 for his own use. Required: 1. Prepare John's income statement for the year ended December 31", 2021. 2. Prepare John's balance sheet as at December 31A,2021