Select Ltd is registered with an authorised capital of 300,000 ordinary shares of $1. The following trial balance was extracted from the books of the company on 31 March 20X1, after the preparation of the trading account: Required: Prepare the income statement and comprehensive income of the company for the year ending 31 March 20X1, statement of changes in equity and statement of financial position at that date, after taking into account the following adjustments: i. The provision for doubtful debtors is to be adjusted to $700. ii. Depreciation is to be provided in respect of furniture and fittings at 10% per annum on cost. iii. $25,000 is to be transferred retained earnings reserve to general reserve. iv. Payments for dividend on share capital at 10%. v. Provide for a proposed dividend on share capital at 5%. vi. Corporation tax owing at 31 March 201 is estimated to be $70,000