Question 1 Hala Ahmed is a sole trader. Here is her trial balance as at 31 December 2019. Trial balance for Hala Ahmed as at 31 Deremhor mn10 Additional information is provided for use in preparing the company's adjustments: 1. The value of closing inventory is 340,000. 2. There is an accrual for rent of 10,000. 3. On March 1, 2019, the company purchased a 12-month insurance policy for 9,000. 4. Office equipment has a residual value of 1,000. It is to be depreciated on a straight-line basis at a rate of 25 percent. 5. Fixtures are to be depreciated on the reducing balance basis at a rate of 20 percent. 6. The Majestic Hotel is one of Hala's best customers. It has just been declared bankrupt. The hotel owes Hala 65,000. 7. The allowance for receivables is to be set at ten per cent of outstanding receivables as at 31 December 2019. Required: 1. Make the end-of-period adjustments entries 2. Prepare Hala's income statement for the year ended December 31, 2019