Lily Kwan, a sole proprietor, extracted the following trial balance from her books on 30 April 2020: Dr Cr $ $ Accounts payable 17,280 Accounts receivable 12,820 Advertising 9,840 Bank overdraft 6,200 Capital 475,470 Carriage inwards 2,820 Carriage outwards 2,090 Motor car 35,700 Drawings 102,960 Water and electricity 10,690 Insurance 7,850 Overdraft interest 280 Inventory as at 1 May 2019 39,790 Premises 318,760 Purchases 435,170 Rent revenue 20,660 Motor expenses 11,850 Returns outwards 9,970 Sales 565,950 Telephone and internet expenses 3,410 Returns inwards 1,500 Office equipment 100,000 1,095,530 1,095,530 Inventory as at 30 April 2020 was valued at $37,190. Required: Draw up an income statement (9 marks) for the year ended 30 April 2020 and a vertical statement of financial positions (8 marks) as at that date (vertical style)