Leela is a sole trader. She pays all the sales receipts into the business bank account. She provided her accountant with the following information for the year ended 31 December 2020. Bank account summary for the year ended 31 December 2020 Dr. $ Cr. $ Rent received 1660 Balance b/d 652 Trade receivables 20420 Trade payables 12346 Cash sales 1951 General expenses 2400 Wages 3156 Motor vehicles 1820 Equipment 1940 Drawings 2556 Leela's remaining assets and liabilities were: 1 January 2020 31 December2020 Inventory (at cost) Premises (at cost) Equipment (net book value) Motor vehicles (net book value) Trade receivables Trade payables General expenses prepaid Rent received prepaid Rent received owing Wages owing 2130 10000 2640 6600 2440 1650 110 80 1640 10000 2560 6920 2760 1847 90 230 130 60 Additional information: 1 Leela allowed her customers discounts of $430. 2 Discounts received from suppliers were $330. 3 Leela has decided to create a provision for doubtful debts of 3% of the trade receivables outstanding at 31 December 2020. 4 General expenses in the bank account summary include an amount of $66 which relates to the payment of Leela's private house insurance. 5 Leela had taken goods at a cost price of $360 for her personal use. Required: (a) Income Statement for the year ended 31 December 2020 [17] (b) Statement of Financial Position at 31 December 2020 [13]