Question 3 Charles Penguin Ltd is a wholesaler, and the tinancial year end is December 3tst. The following information is available: (1) At January 1", 2021, inventory was valued at $10,000. (2) AtDecember 312t,2021 : (i) There was a bank overdraft of 57,500; (ii) Account Receivables averaged 2 months sales; (iii) Account Payables averaged 3 months purchases; (3) For the year to December 312021 : (i) Net profit to sales was 15\%6; (ii) Gross Profit mark up was 75%. (iii) There was an inventory increase of 58,000 . (iv) The inventory tumover rate was 8 times. a) Prepare the Income Sfaternent for the year ended December 31= 2021. b) Calculate the Current Ratio and Liquidity Ratio as at December 31 " 2021. (Total: 15 marks)