Question 1 The following are the unadjusted ledger balances of Alejandra Limited for the year ended 31 December 2022: $ Ordinary Share Capital 600,000 Sales 560,000 Trade payables 35,760 Purchases returns 720 Purchases 112,000 Sales returns 484 Distribution Costs 496 Freight Inwards 440 Rental expense 100,000 Insurance expense 37,600 Advertising and Selling costs 51,280 Salaries and Wages 40,000 Cash at Bank 23,380 Opening Inventory 10,800 Trade Receivables 40,000 Plant and Equipment at cost 600,000 Accumulated Depreciation (1st January 2022: Plant and Equipment) 60,000 Motor Vehicles at cost 240,000 Additional information needed for year-end adjustments, are as follows: Insurance for January 2023 $2,900 Closing Inventory, at 31 December 2022 $4,500 Irrecoverable debts to be written off $2,200 Rental owing as at 31 December 2022 $20,000 Depreciation for the year Plant and Equipment $60,000 Depreciation for the year Motor Vehicles 20% on cost Required: a. Prepare an Income Statement for the year ended 31 December 2022 b. Prepare a Statement of Financial Position as at that date.