Prepare financial reports The following trial balance and notes relate to JIM Ltd for the year ended 31 neremher 2XX4 Notes: a) Inventory at 31 December 20X4 was worth 99,736. b) Equipment is depreciated on a straight line basis over 10 years. c) Vehicles are depreciated at a rate of 25% on the reducing balance basis. d) The last quarterly electricity bill received and paid for the period up to 30 November 20X4 was for 1,200. e) The doubtful debt provision at 31 December 204 is to be 1% of receivables. Round the results to the closest available unit. f) The annual insurance premium of 12,600 was paid on 1 September 204 and covered the 12 months to 31 August 205. g) Estimated tax liability for the year is 32,000 h) Distribution costs include the depreciation on vehicles and 50% of the wage and salary expenses. Administrative expenses include administration expenses, Heat, light \& power expenses, rent expenses, rate expenses, the depreciation on equipment, 50% of the wage and salary expenses, insurance expenses, and bad debt expenses. Requirement Produce an income statement and a balance sheet for JIM Ltd for the year ended 31 December 20X4