The following is the statement of financial position of Sainsbury at the end of its first year of trading: Statement of financial position as at 31 December 2015 Assets Non-current assets Property, Plant and equipment Delivery van at cost 15,000 Depreciation (2.500) 12,500 Current Assets Inventories 67,000 Trade receivables 21,600 Prepaid expenses* 7,300 Cash 1750 97.650 Total assets 110,150 Equity and Liabilities Equity Original 52,000 Retained earnings 28.900 80.900 Current Liabilities Trade Payables 25,000 Accrues expenses** 4.250 29,250 Total Equity and Liabilities 110,150 **The accrued expenses consisted of wages (2,100) and electricity (2,150). *The prepaid expenses consisted of rates (2,200) and rent (5,100). During 2016, the following transactions took place: 1. The owners withdrew equity in the form of cash of 21,000. 2. Premises continued to be rented at an annual rental of 24,000. During the year, rent of 16,000 was paid to the owner of the premises. 3. Rates on the premises were paid during the year as follows: for the period 1" April 2016 to 31" March 2017, 1,500. 4. A second delivery van was bought on 1 January 2016 for 29,000. This is expected to be used in the business for five years and then to be sold for 4,000. The business uses the straight-line method for depreciating non-current assets. 5. Wages totalling 37,500 were paid during the year. At the end of the year, the business owed 1860 of wages for the last week of the year. 6. Electricity bills for the first three quarters of the year and 1,620 for the last quarter of the previous year were paid, totalling 2,100. After 31" December 2016, but before the financial statements had been finalised for the year, the bill for the last quarter arrived showing a charge of 540. 7. Inventories totalling 54,000 were bought on credit. 8. Inventories totalling 9,000 were bought for cash. 9. Sales revenue on credit totalled 201,000 (cost 87,000). 10. Cash sales revenue totalled 76,000 (cost 26,000). 11. Receipts from trade receivables totalled 179,000. 12. Payments to trade payables totalled 74,000. 13. Van running expenses paid totalled 17,200. Required: Prepare a statement of financial position as at 31 December 2016 and an income statement for the year to that date