Prepare the following financial statements based on below info: 1. Balance sheet as on 31 Dec 2017 2. P&L statement for year ending 31 Dec 2018 3. Balance sheet as on 31 Dec 2018 4. Statement of cash flows for the year ending 31 Dec 2018.

Financial Information: The Company was initially set up by issuing 240,000 shares at an issue price of $1 each. A factory was at a cost of $500,000. The new factory was largely financed by taking out a $450,000 mortgage loan. In addition to the mortgage loan, the company took out a $482,000 interest-only unsecured bank loan. In addition to the factory, the company purchased the following: Plant&Equipment to the value of $200,000, Furniture&Fixtures to the value of $140,000, Inventory to the value of $184,000. All these occurred in late Dec 2017. Any cash remaining was put into a bank account. On 1 Mar 2018, the company took out a bank overdraft. The outstanbding balance on 31 Dec 2018 was $20,000 (This is to be recorded separately from cash balalnce rather than combined.) On 1 July 2018, motor vehicles to the value of $160,000 were purchased. On 31 Dec 2018, the company issued corporate bonds to the value of $700,000 and used the proceeds to purchase an additional factory costing $700,000. On 31 Dec 2018, the company issued 142,000 new ordinary shares at $2 each and 260,000 new preferance shares at $1 each. Some of the amount raised was used to buy additional plant & equipment for the new factory at a cost of $240,000. During the course of the year ending 31 December 2018, the following transactions occurred. Products to the value of $1,992,000 were sold & delivered. These sales were m,ade on the basis on one month credit. Of the $1,992,000 in sales occuring in 2018, products to the value of $199,000 were delivered in Dcember 2018 and will not be paid for until January 2019. Raw materials to the value of $996,000 were ordered and taken delivery of. These purchases were made on the basis of one month's credit. Of the $996,000 in raw materials purchased in 2018, raw materials to the value of $98,000 were ordered and taken delivery of in December 2018 and will not be paid of until Jan 2019. Payment of wages ($148,000). Payment of Rent for 2018 ($130,000) Payment of motor vehicle running expenses ($53,000) Payment of insurance for 2018 ($49,000) Payment of interest ($84,000) Payment for printing & stationery ($30,000) Payment for Heating & Lighting for 2018 ($31,000) Payment for Telephone, Postage & internet charges ($20,000) In addition, an additional $46,000 was paid in December for January's rent. In addition to the above interest payment, the principle owing on the mortgage loan was reduced by $42,000. The value of inventory on 31 Dec 2018 was $213,000. Additional Info : Depreciation on motor vehicles, plant&equipment and furniture&fixtures is calculated on a straight-line basis at the rate of 10% per year. The company faces a tax rate of 20% . The company's Dividend payout ratio is 75%.