Swin Ltd, is a new business which started trading on 1 January 2013. The following is a summary of transactions which occurred during the first year of trading: The owners contributed $50,000 of capital which was paid into a bank account opened in the name of the business. At the start of the year, rent of $25,000 was paid to the owner of the premises. (refer to additional information below) Sometime during the year, rates of $1, 700 were paid to the local council. (refer to additional information below) A delivery vehicle was bought on 1 January 2013 for $12,000 Wages totaling $33, 500 were paid during the year. Electricity bills for the first three-quarters of the year were paid totaling $1, 650. Inventory totaling $143,000 was bought for credit. Inventory totaling $12,000 was bought for cash. Sales on credit totaled $152,000 (cost $74,000). Cash sales totaled $35,000 (cost $16,000). Receipts from trade debtors totaled $132,000. Payments to trade creditors totaled $121,000. Vehicle running expenses paid totaled $9.400. (a) Premises were rented from 1 January 2013 for $20,000 per year. (b) The rates of $1.700 paid during year related to the following: For the period 1 January 2013 to 31 March 2013 - $500 For the period 1 April 2013 to 31 March 2014 - $1, 200 (c) At the end of the year it was clear that a trade debtor who owed $400 would not be abJe to pay any part of the debt. (d) After 31 December 2013, but before the accounts had been finalised for the year, the electricity bill for the last quarter arrived showing a charge of $620. (e) The vehicle is expected to be used in the business for 4 years and then to be sold for $2,000 -straight line depreciation method is used. (f) At the end of the year the business owed $630 of wages for the last week of the year