please answer this question as soon as possible

( type by computer)

QI APK plc, a company that deals in electronic products, has the following account balances in its books at 31 December 2020 95,000 Computer equipment: cost Computer equipment: accumulated depreciation (at 1 January 2020) Cash at bank Trade receivables Allowances for doubtful debts at 1 January 2020 Inventory fat 1 January 2020) Share capital: El ordinary shares Retained earnings (at 1 January 2020) Dividends paid Bank loan (repayable 31 December 2025) Trade payables Administrative expenses Electricity Insurance Purchases Sales revenue 20,000 110,000 248,000 4.000 250,000 300,000 73,000 25,000 50.000 98,000 65,000 20,000 32,000 400,000 700,000 Notes: 1. Depreciation on the computer equipment is charged on the straight-line basis. The useful life of the computer equipment is estimated to be five years and its residual value at the end of this period is expected to be 5,000 2. Bad debts of 62.000 are to be written off and a general bad debe provision of 2% of the remaining trade receivables is to be established. 3. Included within the insurance costs of 32,000, shown above, was an insurance premium of E12,000 (paid 1 October 2020) covering the period 1 October 2020 to 30 September 2021 4. Electricity charges include bill for the ten months to 30 October 2020. The charges for November and December are expected to be in line with previous months 5. Corporation tax on the profits for the year is estimated to be 53,000 6. The value of inventory at 31 December 2020 was 275,000 REQUIRED a) Prepare a statement of profit or loss (including a trading account) for the year ended on 31 December 2020 (Marks 15) b) Prepare a statement of financial position as at 31 December 2020 Marks 151 Q1/continued overleaf ACCOUNTING AND FINANCE DIVISION ACCOUNTING 1 ACCESA Q1/ continued Suppose that APK sells a part of its computer equipment for 500 on 31 December 2021. The computer originally cost 3,000 and the accumulated depreciation on this computer at 31 Dec 2021 is 1,800 ii. Compute the gain or loss on the sale of the computer equipment Show the effect of this transaction on assets, liabilities and shareholders' equity Marks 101 (Total: 40 marks)