The following is the trial balance of Lift Ltd as at 31 December 20x9 Lift Ltd.Trial balance as at 31 December 20X9 R III 50.000 136313 120.000 Issued ordinary share capital ( I shares) Issued preference shares (Si share ed earning Frochold land Other non-cument assets Sale Purches Inventory 11 20 Rent BIS 300 Il 29 SO General expenses Directors remuneration 15 10% Debenture 10 Dcenture interest Der and Creditors NI 23.976 21.211 R General reserve Provision for depreciation of other non-current assets Interim dividends 29.013 11.000 1883.624 883 624 Additional information: 1. Inventory held at 31 December 20X9 was $23,444. 2. Depreciation is to be provided on other non-current assets at 5% using reducing balance. The company does not charge depreciation on freehold land. 3. Taxation for the year to be $9,100. 4. A transfer of $10,000 was to be made to the general reserve. 5. Salaries accrued at the year-end were $2,233. 6. Rent prepaid for the following year was $820. Required: 1. Prepare the income statement of Lift Ltd for the year ended 31 December 20x9. (18 marks) 2. Prepare the statement of changes in equity of Lift Ltd for the year ended 31 December 20x9. (7 marks) 3. Prepare the balance sheet of Lift Ltd as at 30 December 20x9. (25 marks)