The following balances were extracted from the books of Yoji Itadori as at December 31, 2021. He is a sole trader who operates a clothing wholesale business. At the beginning of the year Erza Scarlett rented a very small section of the store for $7,000 per month. PARTICULARS DR Capital CR 104,000 Drawings 12,000 Land 160,000 Buildings 70,000 Provision for Depreciation: Building 33,600 Motor Vehicles 40,000 Provision for Depreciation: Motor Vehicles 10,840 Accounts payable 18,000 Accounts receivable 13,300 Stock, January 1, 2021 9,700 Bank 21,300 Cash 4,160 Purchases 58,200 Sales 180,000 Returns 10,180 8,730 Long-term Loans 90,000 Rental income from Erza Scarlett 65,000 Discounts 3,400 2,200 Provision for Bad Debts 1,190 Utilities 17,900 Insurance 49,600 Carriage Inwards 2,200 Carriage Outwards 1,800 Wages 88,520 Sundry Expenses 6,400 Bad Debts 2,500 Interest Income 15,000 549.860 549.860 Year end notes: a) Depreciate Buildings at 8% per annum on the straight line basis, the motor vehicles at 10% per annum on the reducing balance basis. b) Thirty thousand dollars ($30,000) of the long-term loans must be repaid by March 31, 2022. c) Wages in arrears on December 31, 2021, were $11,480, interest income was prepaid in the amount of $3,000. d) Stock on December 31, 2021, $8,400, however it appears that an additional amount, $1,700 was found in a storeroom. The amount was deemed material and should be accounted for. e) The insurance paid in the trial balance represents the amount for the period January 1, 2021, to March 31, 2022. f) On September 1, 2021, the owner took merchandise amounting to $500 from the clothing store and continued to do so at the beginning of every month up to June 2022. g) The Provision for bad debts is maintained to reflect 5% of accounts receivable at the financial year end of the business. Required: a) Prepare the Statement of Profit or Loss and (30 marks) b) Prepare a Statement of Financial Position for for Yogi Itadori Use appropriate headings. (20 marks)