New Star Plc is a long established company. Here is the trial balance in respect of the year ended December 31, 2013. Purchases and Sales Inventory (1/1/2013) Non-current assets at cost: Freehold Property Plant and Equipment Motor Vehicles Accumulated depreciation on: Plant and Equipment Motor Vehicles Directors' Remuneration Wages and Salaries Debit (S) 656,000 140,000 350,800 $82,000 190,000 220,000 356,760 Credit (S) 1,687,400 36,900 40,000 Office Expenses Ordinary Dividend paid Receivables and Payables Bank 60,000 10% Preference Shares of S1 each 500,000 Ordinary Shares of $1 each Share premium account Retained earnings (1/1/2013) Notes: 1- Closing inventory was valued at $160,000, 2- Depreciation is to be provided as follows: a- Freehold property: no depreciation b- Motor vehicles: 25% on cost c- Plant and equipment: 15% on the reducing balance 3- The corporation tax charge is estimated at $100,000. 43,800 30,000 595,000 330,000 5- Final dividends are as follows: Ordinary shares: $0.25 per share Preference shares: balance of unpaid dividend 120,000 60,000 500,000 100,000 950,060 3,494,360 3,494,360 4- The authorised share capital is 500,000 $1 ordinary shares and 60,000 10% preference shares of $1 cach. Required: 1- Prepare the income statement for the year ended December 31, 2013. 2- Prepare the balance sheet as at December 31, 2013. [Marks: (15+15)-30]