Question 2 The following is the Trial Balance for Selena Resources as at 30 June 2022: Debit (S) Credit ($) Accumulated depreciation-Equipment 123,120 5-year Bank Loan 90,000 Capital 180,000 Accounts Payable 48,960 Sales 1,031,400 Carriage Outwards 4,320 Cash in Bank 32,760 Accounts Receivable 140,760 Drawings 94,320 General expenses 76,680 Equipment at cost 410,400 Opening Stock 81,000 Purchases 334,440 Utilities 95,040 Rental Repairs and maintenance Salaries Sales returns 18,720 16,200 160,560 8,280 1,473,480 1,473,480 Additional information not accounted for in the trial balance: (i) The closing stock as at 30 June 2022 was valued at $71,070. (ii) Depreciation for Equipment is to be provided 10% per annum on cost using the straight line method. (iii) Bad debts of $4,100 is to be written off. (iv) As at 30 June 2022, salaries outstanding amounted to $3,830 and utilities is prepaid by $1,420. Required: (a) Prepare an income statement for the year ended 30 June 2022 for Selena Resources. (b) Prepare a balance sheet as at 30 June 2022 for Selena Resources. (10 marks) (10 marks)