Mentari Enterprise, a merchandising business owned by Mr Mustafa, has been in operation for a few years. The trial balance of the business as at 30th June 2020, is as follows: Debit ($ ) Credit ($ ) Capital 70,000 Drawings 2,000 Motor vehicle (at cost) 60,000 Office Equipment (at cost) 15,000 Inventory , 1 July 2015 33,500 Account receivable 9,000 Account payable 10,100 Cash 13,500 Rent expense 9,100 Repairs and maintenance expenses 1,360 Carriage outwards 1,080 Carriage inwards 2,300 Return outwards 2,100 Return inwards 600 Purchases 43,200 Sales 90,600 Duty on purchases 4,320 Accumulated depreciation of motor vehicle 18,000 Bank overdraft 600 Discount received 560 Bad debts 600 Commission revenue 3,600 195,560 195,560 Additional information: 1. Inventory on 30 June 2020 was valued at $ 36,000. 2. Carriage inwards owing amounted to $ 1,200. 3. Drawing of goods worth $ 1,100 for personal use had not been taken into account. 4. Motor vehicle is to be depreciated at 20% per annum, using straight-line method. 5. Office equipment is to be depreciated at 10% per annum, using reducing balance. 6. Commission received in advance amounted to $ 800. Required: a) Prepare the statement of profit or loss for the year ended 30 June 2020 b) Prepare the statement of financial position as at 30 June 2020