The following is a Trial Balance for Quay Kayaking at 31 December 2020. Quay Kayaking hire kayaks to individuals for use on the Exeter canal. DR CR 1 200 75 100 12 000 45 000 70 000 30 000 37 000 6 000 Accrued interest payable (01/01/2020) Capital Cash at bank Drawings Land and buildings, at cost Loan Equipment (Kayaks) at cost Accumulated Depreciation: Equipment (Kayaks) Rent received in advance (01/01/2020) Administrative expenses Maintenance expense Interest expense Rent Income Salaries and wages expense Trade Payables Trade Receivables Kayak hire income 500 9 900 2 800 2 200 6 800 30 000 23 300 10 300 76 300 219 200 219 200 Additional Information: The interest which was outstanding at the beginning of the year was paid in January 2020. This amount was debited to Interest Expense and the outstanding amount has still not been reversed. All other interest was correctly paid. Depreciation on the kayaks should be calculated for the current year at 20% p.a., using the diminishing balance method. No kayaks were bought or sold during the current year. A tenant who rents a room from Quay Kayaking still owes rent for November and December 2020. Rent received in advance has not yet been reversed. Customers who hired kayaks on 31 December omitted to make payment and only settled this amount of 300 on 10 January 2021. Required: Prepare a Statement of Profit or Loss for the year ended 31 December 2020. (18 marks)