Question 1 (continued) The following additional information is provided: (1) Closing inventory at 31 December 2022 was valued at cost of $236,700. (2) Depreciation was to be provided for the year as follows: Furniture and equipment 20% per annum using straight-line method Motor vehieles 25% per annum using reducing balance method All motor vehicles were used to deliver goods to customers. (3) Marketing and advertising expenses of $12,500 covering the month of December 2022 was owed and paid in January 2023. 16cog(C (E) Maid b c 11 1.900 (4) Audit fee of $38,000 was to be acerued at 31 December 2022,4(6)+38000 (5) Wealth Limited, owipg the company $13.700, was declared bankrupt on 31 December 2022. (E) bed dots 13700 (8) The estimated income tax for the current year was $187,500. fortitiehe time (9) Debenture interest from 1 July 2022 to 31 December 2022 were unpaid and unrecorded. (10) On 31 December 2022, the directors resolved to transfer $150,000 out of current year's profit to general reserve. generol rescrve(warkang) - 150,000 Required: Prepare, for Advanced Tech Limited, (a) a Statement of profit or loss and other comprehensive income (with expenses classified by function) for the year ended 31 December 2022; and (38 marks) (b) a Statement of financial position as at 31 December 2022. (32 marks) Group Assignment (2022-23) (Semester 2) Module Code/Title: BUS3006/Accounting Question 1 (Total 70 marks) The trial balance of Advanced Tech Limited as at 31 December 2022 is given below: Question 1 (continued) The following additional information is provided: (1) Closing inventory at 31 December 2022 was valued at cost of $236,700. (2) Depreciation was to be provided for the year as follows: Furniture and equipment 20% per annum using straight-line method Motor vehieles 25% per annum using reducing balance method All motor vehicles were used to deliver goods to customers. (3) Marketing and advertising expenses of $12,500 covering the month of December 2022 was owed and paid in January 2023. 16cog(C (E) Maid b c 11 1.900 (4) Audit fee of $38,000 was to be acerued at 31 December 2022,4(6)+38000 (5) Wealth Limited, owipg the company $13.700, was declared bankrupt on 31 December 2022. (E) bed dots 13700 (8) The estimated income tax for the current year was $187,500. fortitiehe time (9) Debenture interest from 1 July 2022 to 31 December 2022 were unpaid and unrecorded. (10) On 31 December 2022, the directors resolved to transfer $150,000 out of current year's profit to general reserve. generol rescrve(warkang) - 150,000 Required: Prepare, for Advanced Tech Limited, (a) a Statement of profit or loss and other comprehensive income (with expenses classified by function) for the year ended 31 December 2022; and (38 marks) (b) a Statement of financial position as at 31 December 2022. (32 marks) Group Assignment (2022-23) (Semester 2) Module Code/Title: BUS3006/Accounting Question 1 (Total 70 marks) The trial balance of Advanced Tech Limited as at 31 December 2022 is given below