The following information was prepared for Xi Services as at 30 June 2021. Assets Expenses Liabilities Owner's Equity Income $ $ 10,000 4,000 15,000 35,000 210,000 Bank Prepaid insurance Accounts payable Secretarial expenses Mortgage loan payable 1 Aug 2020 Salaries expense Land and buildings Capital Xi 1 July 2016 Accounts receivable Income Equipment Accumulated depreciation equipment 55,000 420,000 200,000 52,000 217,000 90,000 24.000 $666,000 $666,000 Additional information available at 30 June 2021: 1. Interest expense outstanding is $4,500. 2. An allowance for doubtful debts is to be created for $1,500. 3. Depreciation of equipment is at the rate of 15% p.a. using the reducing-balance method. 4. $2,500 of the prepaid insurance has been used-up during the year REQUIRED Incorporating all the above information, prepare: 1. an Income Statement for the year ended 30 June 2021 2. a statement of financial position as at 30 June 2021