Quote L ABCD AABBCCD AABAC Intense ... Subtle Ref... Intense R.. Book Tim Styles Jake Colombo is a sole trader. On December 31, 2015 the following Trial Balance was extracted from his books: Trial Balance as at December 31, 2015 Details Premises DR CR Plant and Machinery 8,000,000 Office Furniture 6,500,000 Provision for Depreciation: Plant and Machinery 1,500,000 - Provision for Depreciation office furniture 3,500,000 Stock at 1.1.2015 1,000,000 600,000 Debtors 550,000 Creditors 270,000 Purchases 4,700,000 Carriage Inwards M 120,000 Carriage outwards 210,000 Sales - 13,085.000 Retum inwards 260,000 Return outwards - 140,000 Provision for doubtful debts 50,000 Selling and distribution expenses 2,080,000 Administration expenses 1,540,000 Discounts received - 200,000 Discounts allowed 180,000 - Rent expense 1,250,000 Commission Received - 1,000,000 Electricity 320,000 Salary and Wages 80,000 Commissions paid 95,000 Drawings 1,260,000 Capital 10,000,000 29.245.000 29.245.000 (1) Depreciation is to be recorded as follows: Plant and Machinery 10% reducing balance: office furniture and fittings 10% of cost. (ii) Stock on December 31, 2015 was valued at $200,000 (ii) On December 31, 2015 rent amounting to $400,000 was outstanding, selling and distribution expenses for $90,000 was still outstanding. (iv) Prepaid administration expenses of $110.000 (v) Provision for bad and doubtful debt is to be increased to fifteen percent (159) of debtors Required: Prepare Jake Colombo's Income Statements for the financial year ending December 31, 2015