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 000 Se Issued ordinary share capital (5 shares) Issue preference shares shume Retained carings Fron Other met Purchases v 1.1. 2X TII General expenses Directori romantic 10 Debeure Debenture interest Debtors and Credits Rank cncralo Provision for depreciation of other no Interim dividends 65.000 t 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 59.100. 4. A transfer of S10,000 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 5820. 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 2029. (7 marks) 3. Prepare the balance sheet of Lift Ltd as at 30 December 20x9. (25 marks)