The following information for the year ended 31 March 2021, has been taken from the accounts of Frames Ltd., an aluminum glass frame business in Takapuna, Auckland.

Revenue and Expenses	31 March 2021 $
Net Sales	120,000
Cost of Sales	65,000
Expenses	10,500
Net Profit before income tax	44,500
Income Tax Expense (28%)	12,460
Net Profit after tax	32,040
Assets, Liabilities and Equity
Cash at Bank	50,000
Accounts Receivable	20,000
Inventory	50,000
Land and Buildings	350,000
Plant and Machinery	120,000
Loan from Bank of New Zealand	100,000
Delivery Vehicle	60,000
Accounts Payable	40,000
Shareholders Equity including the Net Profit $32,040	810,000

Additional Information:

Inventory for the year ended 31 March 2020 = $40,000

Accounts Receivable for the year ended 31 March 2020 = $ 32,000.

Prepare the following financial statements for Frames Ltd.:

1. Income Statement for the year ended 31 March 2021. 8 marks
2. Statement of Financial Position (Balance Sheet) as of 31 March 2021. 12 marks