The following trial balance has been extracted by the book-keeper of Saif, who sells Omani Halwa, as at 31 December 2019 Particulars Debit Credit $ $ Debtors 39,800 Creditors 30,640 Discount Received 4,280 Bank 12,040 Capital 49,500 Purchases and Sales 188,136 292,920 Returns 3,300 5700 Stock at 1 January 2019 32,020 Wages and salaries 37,030 Rent and rates 11,200 Motor Vehicles 20,000 Provision for depreciation on motor vehicles 4,000 Machinery 10,000 Provision for depreciation on Machinery 1,000 Office expenses 5,424 Motor expenses 3,468 Drawings 25,622 388,040 388,040 You are given the following additional information: i. The Closing Stock was valued at $36,000 ii. A provision for doubtful debts of 5% on debtors is to be created. iii. Depreciation to be provided as follows: Motor Vehicles to be depreciated at 20% per annum Machinery to be depreciated at 10% per annum iv. Accrued Office expenses were $540, v. Prepaid Rent amounted to $1,290 You are to prepare Saif's Statement of Profit or Loss for the year ended 31 December 2019.