On December 31, 2016 the following Trial Balance was extracted from the books of Cornwall Medical & Associates Ltd.,

Details/Accounts	Dr	Cr
Share Capital	-	3,500,900
Sales	-	2,764,000
Bank loan	-	1,008,000
Creditors	-	217,000
Retained earnings at January 01, 2016	-	485,000
Share premium		236,000
Acc. Prov. for Depreciation: Computer - Jan. 2016	-	210,000
Acc. Prov. for Depreciation: Fixtures and Fittings -Jan. 2016	-	108,000
Land	3,800,000	-
Marketable securities	93,000
Computer	1,178,800	-
Purchases	1,307,500	-
Fixtures and Fittings	568,000	-
Selling & distribution expense	436,500	-
Administrative Expenses	394,000	-
Debtors	215,000	-
Stock, January 1, 2016	197,000	-
Cash at Bank	200,000	-
Interest expense	69,800	-
Taxation charge for the year	69,300	-
	8,528,900	8,528,900

The following additional information has been made available:

1. Depreciation is to be provided for as follows: Fixture and Fittings at 15% reducing balance method; Computer at 10% reducing balance method. Both should be included as administrative costs
2. Stock at December 31, 2016 was valued at $247,000.

Required:

1. Prepare an income statement for the year ending December 31, 2016.

Prepare a statement of financial position as at December 31, 2016