Question 3 The following is the trial balance of Lift Ltd as at 31 December 20x9 Lift Ltd : Trial balance as at 31 December 20X9 TIS Issued ordinary share capital (SI shares ) 250.000 Issued preference shares (S I share) Il 50.000 Retained carnings 36,313 Freehold land ||320,000 Other non-current assets 195.000 Sales revenue 315,300 Purchases 165,090 Inventory 1.1.20X8 29,808 Rent 43,080 Salaries 32.877 General expenses 8.780 Directors' remuneration 15.000 10% Debenture 100,000 Debenture interest 10.000 Debtors and Creditors 23.976 21.211 Bank ||29,013 General reserve 65.000 Provision for depreciation of other non-current assets Interim dividends 11,000 1883.624 883.624 Additional information: 1. Inventory held at 31 December 20X9 was $23,444. 2. Depreciation is to be provided on other non-current assets at 5% using reducing balance. The company does not charge depreciation on freehold land. 3. Taxation for the year to be $9,100. 4. A transfer of $10,000 was to be made to the general reserve. 5. Salaries accrued at the year-end were $2,233. 6. Rent prepaid for the following year was $820. Required: 1. Prepare the income statement of Lift Ltd for the year ended 31 December 20x9. (18 marks) 2. Prepare the statement of changes in equity of Lift Ltd for the year ended 31 December 20x9. (7 marks) 3. Prepare the balance sheet of Lift Ltd as at 30 December 20x9. (25 marks)