Question One The trial balance of Alhaji Mainaira, a sole trader as at 31 December 20XI is presented below: Ine ronowing abusouna mormanon is aso revevant: (i) Inventory as at 31st December, 20X1 is amounted to N32,000 1 (ii) Miscellaneous expenses of N2500 are still outstanding (iii) Interest is on bank loan is due at the rate of 10 percent (iv) The electricity bills for the last quarter of the year which was amounted to N6,000 are yet to be settled (v) The insurance has been paid for the 18 months period, up to June 202 (vi) Depreciation of 5 percent have to be charged against all non-current assets with the exception of land and building You are required to prepare: a) Alhaji Mainaira's income statement for the year ended 31s December 20X1 (10 marks) b) Statement of financial position as at that date (10 marks)