The following balances were extracted from the books of Sunkwah, a sole trader, as at 31st December, 2002. DR CR GH GH Capital 500,000 Purchases and Sales 250,000 850,000 Inventory - 1/1/02 50,000 Land and Building (1,000, 000) 600,000 Motor Vehicle (800,000) 640,000 Cash 200,000 Rent and Rates 120,000 General Expenses 150,000 Provision for Bad & Doubtful 40,000 Receivables & Payables 490,000 380,000 Drawings 50,000 Commission Received 80,000 Returns Outwards 100,000 Bank Balance 600,000 2,550,000 2,550,000 The following additional information are also relevant. A) Stock in trade at 31/12/02 valued GH45,000. B) Rent and Rates cover a period of 18 months ending 30th June, 2003. C) Amount paid for general expenses represent 80% of the total cost incurred. The remaining 20% is still outstanding. D) Bad Debt amounted to GH20,000 and provision for bad and doubtful is 15% on Receivable balance. E) It was revealed that the proprietor has taken goods worth GH10,000 and cash GH20,000 from the business for his personal use. No entries have been made for these transactions. F) Depreciation is 10% on cost for all Non-current assets. This policy has been applied consistently since acquisition of all Non-current assets. G) On 31st December, 2002 motor vehicle which was acquired two (2) years ago for GH100,000 was sold for GH75,000 cash. No recording has been made for this transaction. You are required to prepare a. Income Statement for the year ended 31st December, 2002. b. Statement of financial position as at that date