Question 1 P Hall is the owner of a wholesale business. The following trial balance was extracted from his business's books on 30 June 2014. Additional information at 30 June 2014 : - Inventory $55000 - Bank loan interest $1000 owing - Operating expenses $8000 prepaid - Rent $4000 due but unpaid - Wages and salaries $7000 due but unpaid Prepare an Income Statement for the year ended 30 June 2014 (in vertical format) and a Balance Sheet as at that date