Question 1 - [40 marks] The following trial balance has been extracted from the books of Rainbow Hotel at the 28 February 2022 . Additional information - The following matters are to be considered before producing the Financial Statements: 1. Total accounts receivable has decided to be written off is 5,650 and the company has also decided to make an allowance for receivable of 2.5% of outstanding receivable. 2. The Insurance expense includes 4,500 paid for the quarter ending 30 April 2022. 3. Depreciation is to be charged as follows: - Buildings 7% straight line - Fixtures and Fittings 20% reducing balance 4. Included in the Administrative Expenses is 32,900 of expenditure for Telephone. The last bill related to Telephone used six weeks before the year end and it is not received yet. 5. Tax needs to be charged at 20% on the Net profit and an accrual needs to be provided for. 6. Closing Inventory at the 28 February was 27,850 Required Prepare a Comprehensive Income Statement and Statement of Financial Position for Rainbow Hotel for the year ended 28 February 2022