Question 4 The following is the trial balance of Siput Sdn Bhd as at 31 December 2019. DEBIT RM000 CREDIT RM000 800 200 400 900 1,400 Provision for doubtful debts at 31 December 2018 Building at cost Ordinary shares of RM 1 Share premium Inventory at 31 December 2018 Land at cost Trade receivables and payables Retained earnings at 31 December 2018 Plant at cost Accumulated depreciation at 31 December 2018 Building Plant 8 % Preference shares of RM 0.75 - Wages 1 Sales Directors remunerations Utilities expenses Insurance Other expenses 8% Debenture Purchases Discounts 120 300 4,370 2,600 Tutorial Questions on Company Accounts - (Internal Use) 170 100 Carriage inwards Dividend pand Asset revaluation reserves Bank balance 7,527 Additional information for the year ended 31 December 2019 (a) Closing inventory is valued at RM 350,000. Wages for the month of December is outstanding at RM 50,000 and insurance for the year 2019 is incurred at RM 25,000. The provision for doubtful debts is to be made equal to 15% of outstanding debts. (d) Depreciation on building is provided at 5% per annum on straight line method and for plant at 20% per annum using the reducing balance method. Dividend paid consist of half-year's preference dividend and ordinary dividend. (1) The director wish to provide at the balance sheet date for (i) the preference dividend for the year debenture interest corporation tax of RM 70,000 (iv) audit fees of RM 64.000. (v) 20 percent of the current year profit is transfer to general reserves. (e) Required Prepare the income statement for the year ended 31 December 2019 and statement of financial position as at that date