The Balances in the Statement of Financial Performance for Allison Ltd at December 31st 2020 were as follows. Cash (Dr Balance) Inventory (9 Compressors @ 5,000 each) Accounts Receivable Equipment Prepaid Rent Accounts Payable Accumulated Depreciation Taxes Payable Wages Payable Retained Profit Capital During 2021 the following transactions occurred: 35,000 45,000 10,000 450,000 2,000 15,000 150,000 10,000 12,000 205,000 150,000 January Paid the Accounts Payable Balance owed to Suppliers at the end of 2020 January Received Accounts Receivable Balance owed by Customers at the end of 2020 January Obtained a Loan for $100,000 to be repaid in five years. Interest is charged at 10% and payable each December 31st February - Purchased 20 Compressors at 6,000 each, 30% in Cash and the balance of 70% on Credit February - Sold 24 Compressors for 16,000 each, 40% for Cash and the balance of 60% on account March - Paid Cash for Wages of 36,000 - April Paid 2020 taxes May - Received Cash from Customers who bought Compressors in February 50,000 June Paid 30,000 to Accounts Payable July - Paid 8,000 for Rent which is charged at 1,000 per month August - Purchased a one-year insurance policy for 6,000 September Paid 9,000 Advertising for 2021 October Invested further Capital of 30,000 November - Paid 12,000 Utility Bill for 2021 December - Paid 40,000 for Wages Notes: 1. The Business uses the FIFO Inventory System. 2. At December 31, 2021 the Business owed 10,000 in Wages which had not yet been paid. 3. The Equipment originally cost 450,000, has a ten year life and is expected to have a Salvage Value of 50,000 at the end of its useful life. 4. Taxation for 2021 is estimated as 30% and to be paid in 2022. Required: (a) Prepare a Statement of Profit or Loss for Allison Ltd for year ended 31st [25] December 2021 and a Statement of Financial Position as at that date