Question 5 (10 marks) Jai Lee has established a sole proprietorship business named Jai Lee Legal Services. Jia offers legal services to small and medium sized businesses. The following information relates to the business activities and account balances for the financial year ended 30 September 2020: Account: Creditors Debtors Accumulated depreciation - office equipment Accumulated depreciation - vehicle Marketing expenses Capital Jai Lee Cash at bank Office equipment Depreciation expense - office equipment Depreciation expense - vehicle Drawings Bank loan Vehicle Vehicle expense Office supplies Office supplies used Mobile phone charges Legal services fees earned $ 960 1,570 6,950 9,250 510 18,500 8,445 9,250 1,650 2,750 5,520 4,500 26,750 330 1,625 840 255 9,750 a) Prepare a Statement of Profit or Loss for the year ended 30 September 2020 (6 marks) b) Explain to Jai Lee how the Statement of Profit or Loss and Statement of Financial Position can be used to help better manage his business. Provide examples. (4 marks)