Question 2: From the following account balances to 30 June 2020 prepare a statement of financial position in the narrative classified format. Note: you will need to determine the balance of the retained earnings. (20 Marks)

Type of Account	$
Accounts Receivable	46500
Provisions	50000
Prepayments	1200
Sales Revenue	455000
Plant and Equipment	220000
Other Current Assets	11000
Borrowings	120000
Interest on Borrowings E	6000
Accumulated Depreciation	48500
Accounts Payable	26000
Share Capital	450000
Land and Buildings	339000
Inventory	78000
Two Year Term Deposit	98500
Cash at Bank	32000
Retained Earnings	?
Salaries expense	215000
Salaries Accrued	12500
Insurance Expense	9000
Annual Depreciation	22000
Utilities Expense	8500
Selling Expenses	25000