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Q1 From the following selected ending ledger balance extracted from the ledger book of Merco Pty Ltd. during October 2020, prepare the following financial statements:

Q1 From the following selected ending ledger balance extracted from the ledger book of Merco Pty Ltd. during October 2020, prepare the following financial statements: a) Income Statement; and b) Balance Sheet Account Title Ending ledger balance in AUD$ Bank 45,500 Books & Stationeries 1,500 Prepaid Insurance 6,000

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