The following is the trial balance of MacElorm and Son Limited, dealers in Oracle Softw re, as at 31 December, 2018. GHC GHC Purchases and Sales 243,750 490,500 Ordinary shares (GHC1.00 per shar 221,500 Retained earnings 60,000 Revaluation Reserve 10,000 Trade Receivables and Payables 159.000 51,000 Inventory 99,000 Land and building (cost) 125,000 Delivery Vans (cost) 105,500 Accumulated depreciation (31st December, 20 32,500 Plant and Equipment: (cost) 90,000 Accumulated depreciation (31st December 20 15) 37,500 Administrative expenses 26,000 Selling and Distribution expenses 27,500 Investment property 100,000 Investment incom 35,000 15) 27.000 1.750 Cash and cash equivalents Dividend paid Provision for doubtful debt S Bad debts Suspense 14,000 17,500 1022,00 0 70,000 1,022,00 0 Additional information available is given below: 1) The inventory at cost on 31st December, 2018 was valued at GH137,500 and the net realizable value was GH129,500. 2) Allowance for doubtful debt is to be increased to GHC19,080 as at 31st December 2018. 3) An amount of GHC6,000 in respect of rent and rates is included in administrative expenses. This amount relates to 2018 financial year. 4) Depreciation for the year ended 31-1 December 2018 is to be calculated using the following rates: Plant and equipment 10% on cost Delivery Vans 15% on cost 5) To reflect a marked increase in property prices, Kwei Limited accepted the report o f an independent surveyor who valued the land and building up by GH15,000 on that on 31st December 2018 1) The audit fee of GH1,000 is to be accrued. 2) The suspense account represents the corresponding credit for cash received for a fully subscribed issue of equity shares made on 30 December 2018. The terms o f the share issue was 35,000 new ordinary shares were issued at GH2 each 3) The directors have estimated the provision for income tax for the year ended 318 December 2018 at GH15,000, Required: In compliance with the Companies' Code provisions and in conformity with relevant int ernational Financial Reporting Standards, prepare; the statement of proft or loss and other comprehensive income for the year ende d 31 December, 2018. the statement of financial position as at 31 December, 2018.