Please provide sufficient answers for the required marks, thank you!

1. The following is the trial balance of Nancy Berhad at 31 December 2020. RM RM 200,000 20,000 100,000 30,000 55,000 27,500 17,000 58,000 24,500 45,500 Motor vehicle Accumulated depreciation - motor vehicle (1 January 2020) Equipment Accumulated depreciation - equipment (1 January 2020) Copyright Accumulated amortisation - copyright (1 January 2020) Inventory (1 January 2020) Trade receivables / Trade payables Bank Ordinary shares of RM 1 each, fully paid 5% preference shares of RM 1 each, fully paid 8% Debentures Retained profit b/f General reserves Purchases / Sales Wages and salaries General expenses Interim ordinary dividend TOTAL 125,000 45,000 40,000 89,800 6,000 125,000 62,500 14,000 16,800 6,000 553,800 553,800 (8) Transfer to general reserves amounting RM 8,000. Provision is to be made for taxation on the current year's profit amounting to RM12,500 and provision for deferred taxation amounting to RM5,525. (9) Required: Prepare the following statements using vertical format presentation: (a) Statement of Profit or Loss for the year ended 31 December 2020. (21 marks) (b) Statement of Financial Position as at 31 December 2020. (19 marks) [Total: 40 marks]