Question Three From the following trial balance of Madam Maryam as at 31th December, 203 you are required to prepare income statement for the year ended 31st December, 203 and a statement of financial position as at that date after making the necessary adjustments: Additional information: (i) Inventory as at 31st December, 20X3 was valued at N1,591,400 (ii) The irrecoverable debt N65,400 (iii)The allowance for receivables is to be maintain at 7.5 percent on receivables (iv)Fixtures and Plant and machinery are to be depreciated at 5 percent and 10 percent per annum, respectively. (v) Insurance prepaid was N10,900 (vi) A fire occurred on 25th December, 203 in the store and inventory of the value of N545,000 was destroyed. It was fully insured and the insurance company admitted destroyed claim in full