Question 1- 1-The following is the statement of financial position of Tech and Co. at the end of its first year of trading: Statement of financial position as at 31 December 2017 ASSETS Carrett TOTAL ASSETS EQUITY & LEABILITIES 200 Trade payable TOTAL EQUITY & LIABILITIES *The prepaid expenses consisted of rates (3D300) and rent (JD) 5,000) The accrued expenses consisted of wages (ID630) and electricity (JD620) 2-During 2018, the following transactions took place The owners withdrew JD20,000 of equity in cash. Premises continued to be rented at an annual rental of ID20,000. During the year, nent of JD15,000 was paid to the owner of the premises. 1 Rates on the premises were paid during the year as follows: for the period 1 April 2018 10 31 March 2019, JD1,300. 4. A second delivery van was bought on 1 January 2018 for JD13,000. This is expected to be used in the business for four years and then to be sold for JD3,000. Wages totaling JD36,700 were paid during the year. At the end of the year, the business year. owed ID860 of wages for the last week of the Electricity bills for the first three quarters of the year and JD620 for the last quarter of the previous year were paid totaling JD1,820. After 31 December 2018, but before the financial statements had been finalized for the year, the bill for the last quarter arrived showing a charge of JD690. Inventories totaling JD67,000 were bought on credit. Inventories totaling JD8,000 were bought for cash Sales revenue on credit totaled JD179,000 (cost JD89,000). Cash sales revenue totaled JD54,000 (cost JD25,000). Receipts from trade receivables totaled JD178,000. 12. Payments to trade payables totaled JD71,000. 11. Van running expenses paid totaled JD16,200. Note: The business uses the straight line method for depreciating non-current assets. Required: 1- Record the above transactions using the expanded accounting equation. Subsequently, 2-prepare an income statement for the year ending 31 December 2018 and a statement of financial position as at the same date.