On December 31, 2016 you extracted the following Trial Balance from the books of The Student's Manufacturing Company Ltd. Trial Balance Details/Accounts Dr $ Cr $ Accounts payable 5,000,000 Finished goods Inventory, January 1, 2016 10,000,000 Rent and insurance 840,000 Carriage outwards 1,200,000 Motor vehicles 3,750,000 Provision for depreciation motor vehicles 750,000 Production workers salary 8,000,000 Furniture, etc. 2,500,000 Cash 7,500,000 Direct expenses 2,000,000 Net sales 62,000,000 Capital 28,640,000 Indirect factory expenses 2,000,000 Work in progress, January 1, 2016 4,000,000 Electricity 3,000,000 Purchases of direct raw materials 20,000,000 Administrative expenses 6,000,000 Drawings 1,500,000 Provision for unrealized profit 1,000,000 Direct raw materials, January 1, 2016 5,000,000 Accounts receivable 7,000,000 Transportation charge for direct raw materials 3,500,000 Machinery 12,000,000 Accumulated depreciation machinery 2.400.000 Total 99.790.000 99.790.000 Additional information: (i) On December 31, 2016 an amount of $50,000 was outstanding for electricity, while $40,000 pertaining to insurance related to the upcoming month. (ii) The company adds 10% mark up to his cost of manufactured goods. (iii) A provision for bad debts is to be created equaling to 1.5% of debtors. (iv) Rent and insurance is shared 3:2 between the factory and the office; while 70% of the electricity is used by the factory. (v) Closing inventories on December 31, 2016 were: Direct raw materials $4,500,000; work-in-progress $4,900,000; and finished goods $7,700,000. (vi) Depreciation is to be provided for as follows: furniture and fittings 10% straight line; machinery 10% on cost; motor vehicles 20% reducing balance. (vii) The motor vehicles are used equally between the office and the factory. Required: (a) A Manufacturing, Trading and Profit and Loss Account for the period ending December 31, 2016. (28 marks) (b) A Balance Sheet extract to show the values of the company's fixed assets on December 31, 2016 (12 marks)