The following is the trial balance of Crown Ltd as on 31 December 2016: Share capital issued: ordinary shares 20p Accounts receivable and accounts payables Inventory 31 December 2015 Bank Premises at cost Machinery at cost Motor vehicles at cost Depreciation provisions at 31.12.2015: Premises Machinery Motor vehicles Sales Purchases Motor expenses Repairs to machinery Sundry expenses Wages and salaries Directors' remuneration Retained profits as at 31.12.2015 General reserve Dr $ Cr $ 375,000 169,600 74,900 81,300 17,900 265,000 109,100 34,700 60,000 41,400 18,200 975,600 623,800 4,300 3,600 2,900 241,500 82,600 31,200 60,000 1.636.300 1.636.300 Given the following information, you are to draw up the Statement of Profit or Loss for the year ending 31 December 2016, and a Statement of financial position as at that date: Authorized share capital: $500,000 in ordinary shares of 20p. Inventory at 31 December 2016 $102,400. a) b) c) Motor expenses owing $280. d) Ordinary dividend proposed of 5 per cent. e Transfer $7.500 to general reserve