The following addition additional information is also available: Closing inventory has been valued at 195.000. An invoice of 36,000 for electricity costs for the quarter ended 31 January 20X8 was received on 3 February 20X8. Electricity costs should be included in administration expenses. The allowance for trade receivables is to be increased to 4% of trade receivables. The allowance for trade receivables should be included in administrative eynenses Equipment is depreciated at 25% per annum using the reducing balance method. Buildings are depreciated at 6% per annum on original cost. Depreciation should be included in cost of sales Prepare the income statement of Cohen Ltd for the year ended 31 December 20X7. D) Prepare the statement of financial position of Cohen Ltd as at 31 December 20X7 a) Prepare the income statement of Cohen Ltd for the year ended 31 December 20X7. Complete the template with the required values. (Enter negative values in parenthesis.) A) Income Statement for the year ended 31 December 20X7 Revenue 4603 Cost of sales (2899) Gross profit (1164) Administrative expenses (786) Profit for the year 378 B) Non-current assets Buildings Equipment Current assets Inventories Trade receivables Cash Total assets Equity and liabilities Equity Share capital Retained earnings Share premium Current liabilities Trade payables Accrued expenses Bank overdraft Total equity and liabilities Dr Cr 000 000 Buildings at cost 1,650 Buildings accumulated depreciation, 1 January 20X7 135 Equipment at cost 500 Equipment accumulated depreciation, 1 January 20X7 260 Bank balance 160 Revenue 4,063 Net purchases 2,575 Inventory at 1 January 20X7 360 Cash 45 Trade payables 564 Trade receivables 725 Administration expenses 756 Allowance for receivables at 1 January 20X7 23 Retained earnings at 1 January 20X7 282 Equity shares, 1934 Share premium account 190 6,611 6,611