The following is the receipts and payments account of Queen's Club for the year ended 31 December 2016: Receipts: Payments: 88680 8320 Balance b/f 2040 Bar Purchases Wages Rent Entrance fees 840 Subscriptions: 2015 2016 2017 500 3720 6100 2560 1940 Heating and lighting General expenses New Equipment Balance c/f 700 Bar Sales Sales of investments 104540 9000 15000 129720 15500 129720 1. Additional information: 1 January 2016 31 December 2016 Bar inventory Owing for bar purchases Rent due 5440 6120 6300 7160 360 720 Heating and lighting due Subscription due General expenses paid in advance 320 380 500 800 100 140 2. On 31 December 2015 the club held investments which cost $10000. During the year ended 31 December 2016, these were sold for $15000. 3. Equipment was valued at $6000 on 31 December 2015. On 30 June 2016, the club purchased additional equipment at a cost of $ 10400. Depreciation is to be provided for at the rate of 10% per annum. (a) Prepare the trading section of the income statement for the year ended 31 6 marks] December 2016. (b) Prepare the income and expenditure account of the Queen's Club for the year ended 31 December 2016. [10 marks] (c) Prepare the statement of financial position of the Queen's Club at 31 [ marks] December 2016