Required:

1. Statement of profit or loss (income statement) for the year ended 31 December 2020.
2. Statement of financial position (balance sheet) as at 31 December 2020.

1. The following unadjusted trial balance was extracted from the books of Ice Age Trading for the accounting period ended 31 December 2020. Ice Age Trading Trial Balance as at 31 December 2020 RM RM 126,000 Beginning Capital Vehicles Utilities Accounts receivable Salaries Rent Insurance Sales Bank Cash Withdrawals Accounts payable 78,000 1,000 7,000 40,000 20,000 2,000 55,000 34,000 2,000 1,000 4,000 185,000 185,000 Additional information: 1. A dividend of RM10,000 from a fixed unit trust is still not yet received. 2. The vehicles has an estimated useful life of 5 years with a residual value of RM5,000. Ice Age Trading uses straight-line method to record its depreciation