Kindly assist on the attached question

Please note that this is an individual assignment and the policy of the University on "Policy on Cheating, Collusion and Plagiarism" applies. Part A - Racca Limited Racca Limited is a new business that started trading on 1 January 2019. You have recently been appointed as an account manager within the accounting department and have been presented with the following summary of transactions that have occurred during the first year of trading: 1) The owners introduced E180,000 of equity, which was paid into a bank account opened in the name of the business. 2) Premises were rented from 1 January 2019 at an annual rate of 190,000. During the year, rent of E112,500 was paid to the owner of the premises. 3) Rates (a tax on business premises) were paid during the year as follows: For the period 1 January 2019 to 31 March 2019 E2,400 For the period 1 April 2019 to 31 March 2020 14,500 4) A delivery van was bought on 1 January 2019 for E60,000. This is expected to be used in the business for five years and then to be sold for $12,000. 5) Wages totalling E117,000 were paid during the year. At the end of the year, the business owed E2,175 of wages for the last week of the year. 6) Electricity bills for the first three quarters of the year were paid totalling 65,700. After 31 December 2019, but before the financial statements had been finalised for the year, the bill for the last quarter arrived showing a charge of $2,025. 7) Inventories totalling (486,000 were bought on credit. 8) Inventories totalling (39,000 were bought for cash. 9) Sales revenue on credit totalled E504,000 (cost of sales E243,000). 10) Cash sales revenue totalled E129,000 (cost of sales (54,000). 11) Receipts from trade receivables totalled E438,000. 12) Payments to trade payables totalled f393,000. 13) Van running expenses paid totalled E33,600. At the end of the year it was clear that a credit customer (trade receivables) who owed $1,500 would not be able to pay any part of the debt. All of the other trade receivables were expected to settle in full. The business uses straight-line depreciation for non-current assets. Required: Prepare for Racca Limited, a Statement of Income for the year ended 31" December 2019 and a Statement of Financial Position as at 31 December 2019. (20 marks)