Question 3 This is the information relates to Cheers & Co, a trading company as at June 30 2021. The company commence business on June 1, 2021. Account Cash at bank Capital Prepaid insurance Insurance expenses Investment Revenue Accounts payable Bank Loan (Repayable in 2024) Interest expense Drawings Interest payable Sales Revenue Wages Expenses Inventory Rental expenses Cost of Sales Accounts Receivable Accumulated depreciation - office equipment Depreciation expenses Office Equipment 19,666 64,330 1,283 1,282 2,000 10,041 28,727 263 924 263 12,892 4,456 4,248 888 4,166 22,853 1,884 1,884 58,224 a. Required: Prepare a statement of financial performance (Income Statement) to show profit from June 1 to June 30, 2021. Use the classification of revenue and expenses. b. Prepare a statement of financial position as at June 30, 2021. Use the current and non-current classification of assets and liabilities. Show all necessary workings