The following balances were extracted from the books of TaylorSwo Bhd. as of 31st March 2020. DR CR Ordinary share capital of RM1 each 80,000 6% Preference share capital of RM0.50 each 60,000 Office equipment at cost 80,000 Accumulated depreciation - office equipment 7,000 Motor vehicle at cost 50,000 Accumulated depreciation - motor vehicle 5,500 Rent 4,500 Salaries 16,400 Bank 35,000 Cash 1,500 Provision for bad debts 154 Trade Receivables 38,500 Trade Payables 29,000 Sales Purchases Returns Inwards 191,696 130,00 0 1,560 Returns Outwards 1,670 Advertising expense 4,500 Administrative expense 3,452 Inventory, 1st February 2019 3,608 Retained profit b/f from 2019 6,000 375,02 0 375,020 The following additional information for the year: 1. 2. 3. 4. Inventory on 31st March 2020 is valued at RM8,700 Selling expenses are prepaid by RM550 Advertising expenses of RM1,700 is still accrued. The provision for bad debts is fixed at 5% of debtors' balances. No bad debts are to be accounted for. 5. The rent is prepaid RM250. 6. The depreciation charged is 7. 8. i. 8% per annum on cost for machinery ii. 15% using reducing balance method for motor vehicles. The director proposed ordinary dividend RM0.06 per share. The preference dividend was proposed. The proposed corporate tax rate is 30% Required: Statement OF Profit or Loss for TaylorSwo Bhd. for the year ended 31st March 2020 b) Statement of Financial Position as at 31st March 2020. (15 marks) (10 marks) (Total: 25 marks)