The following balances were extracted from the books of Sniper Ltd on 31st December 2021.

Dr ($) CR ($)

Revenue 5000000

Property at cost 5000000

Delivery Van at cost 750000

Trade payables 465000

Provision for depreciation of Delivery van 245000

Trade Receivables 410000

Cash and cash equivalent 335000

12% debentures 500000

Ordinary shares 4000000

8% Preference shares 500000

General reserve 250000

Retained earnings 35000

Purchases 3150000

Inventory at 1st January 2021 230000

Administration wages 275000

Office expenses 320000

Selling expenses 200000

General expenses 260000

Debenture interest paid 30000

Preference dividend paid 20000

Interim dividend paid on ordinary shares 15000

Additional Information:

1. The closing Inventory was valued at $190000.

2. The Delivery van is to be depreciated at 10% on cost.

3. Office expenses accrued amounted to $25000.

4. The Property was revalued to $5120000 at 31st December 2020.

5. Taxation is to be provided at $75000.

6. $120000 is to be transferred to General reserve.

7. A final ordinary dividend of 5% was proposed.

Required

a) Income statement and statement of changes in equity for the year ended 31st December 2021.

b) Statement of Financial Position as at 31st December 2021.