The following is the trial balance of BBC Limited as at December 2021: Details DR. $ CR. $ Machinery at costs 450,000 Motor vehicle at cost 280,000 Depreciation: Machinery January 1, 2021 180,000 Depreciation: Motor vehicle January 1, 2021 120,600 Purchases 510,380 Administrative expenses 170,728 Distribution expenses 110,372 Cash at bank 160,255 Inventory, January 1, 2021 410,415 Taxation charge for the year 60,000 Accounts receivable 280,560 Turnover 970,500 Issued share capital - Ordinary shares $1 750,000 Share premium 70,000 Retained earnings, January 1, 2021 60,138 Bank loan 51,000 Trade payables 220,472 Other payables ------------- 10,000 2,432,710 2,432,710 Additional information: (i) Inventory on December 31, 2021 was valued at $540,300 (ii) Authorized share capital: $1,000,000 in ordinary shares $1. (iii) Depreciation was charged to administrative expenses as follows: Machinery at 4% per annum straight line; Motor vehicle at 20% reducing balance. Required: Prepare the following statements for BBC Limited for the year ended December 31, 2021 in accordance with IAS1. > Nneka: (a) The statement of profit & loss for the year ending December 31, 2021. (b) The statement of financial position as at December 31, 2021.