Question 1. The table below shows accounting data of ABC company as of 30 June 2020. From the data, establish an income statement and a balance sheet for the company. Administration expense 1500 Sales 342000 Insurance Expenses 8500 Cash 54000 Cost of goods sold 92000 Equipment 31000 Electricity and telephone expense 9540 Accounts payables 15020 Bank overdraft fee 2500 Wages and salaries 42100 Supplies expenses 700 Land and buildings 325000 Prepaid by a client for the company 4500 service Vehicles 54000 Mortgage 250000 Prepaid rent 10000 Supplies 43000 Account receivables 72000 Note: Company income tax 30%, during the accounting period companies has paid 5% of interest on the mortgage. Profit is retained for further investment