Question 5 (10 marks) Sunny Siong has established a sole proprietorship business named SS Tech Services. Sunny offers tech and digital services to small and medium sized businesses. The following information relates to the business activities and account balances for the financial year ended 31 December 2020: Account: Accounts payable Accounts receivable Accumulated depreciation - computer hardware Accumulated depreciation - motor vehicle Marketing agency expenses Capital - Sunny Siong Bank Computer hardware Depreciation expense - computer hardware Depreciation expense - motor vehicle Drawings Bank loan Motor vehicle Motor vehicle expense Office supplies Office supplies used Mobile phone charges Tech and digital services fees earned $ 675 6,660 5,950 5,450 510 35,500 2,000 9,250 1,650 2,750 9,520 7,000 16,750 330 1,455 840 255 9,750 a) Prepare a Statement of Profit or Loss for the year ended 31 December 2020 (5 marks) b) Explain to Sunny how his business has performed. Also explain to Sunny if he should prepare a Statement of Financial Position and why. Provide examples