Question 1 Mr Corono has a business known as Corono Sdn Bhd. The following balances were extracted from the books of Corono Sdn Bhd as at 31 December 2018: RM 10,300 28.000 4.500 41,000 23,600 Advertising and marketing costs Equity capital at 1 Jan 2018 Inventory at 1 Jan 2018 Fixtures and fittings at cost Fixtures & Fittings depreciation at I Jan 2018 Revenue (Sales) Bank balance Inventory at 31 Dec 2018 Equipment at cost Equipment depreciation at 1 Jan 2018 Long term loan Purchases Trade receivables Administrative expenses Trade payables 180.000 7,000 7.200 54,000 22.800 10.000 130.000 1.400 26,600 10,400 1. Administrative expenses include electricity charges to 31 October 2018 2. The charge for the three months to 31 January 2018 is expected to be RM900. 3. Selling expenses include RM300 paid in advance for advertising which will appear in February 2018. 4. Depreciation needs to be provided on: . Fixtures and fittings at 20% on a straight-line basis Equipment over 12 years on a straight-line basis with RM6,000 residual value 5. Trade receivables includes RM200 which is not expected to be received Required: Prepare an Income Statement for the year ended 31 December 2018 and a Statement of Financial Position as at 31 December 2018 (25 marks)