The following is account information for MOK Company as of December 31, 2019.

Sales $98,207 Equipment $44,000

Bank Loan (3 years) 2,500 Acc. Depreciation, Equipment 14,000

Capital 27,203 Accounts Receivable 12,000

Accounts Payable 10,950 Electricity 1,500

Other Expenses 9,200 Cash 1,000

Return Inwards 900 Discount Allowed 500

Return Outwards 370 Discount received 470

Stock 10,000 Withdrawal 7,500

Purchases 50,100 Rent and Rates 17,000

The following additional information is provided:

1. Rent of $500 is prepaid.

2. Electricity of $350 is accrued.

3. Equipment is depreciated using the reducing balance method at a rate of 20% per annum.

4. Mr. Mok, the owner took stock for his own use that cost $450. No entry was made in the books in respect of this.

5. The closing stock is $12,000.

6. Bad debts of $150 are to be written off.

Required:

Prepare the Income Statement of MOK Company for the year to 31 December 2019 and

the Statement of Financial Statement as at that date in report format.