The following trial balance has been extracted from the ledger of Mr Yousef, a sole trader as at 31 May 20X6 The following additional information as at 31 May 20X6 is available: (a) Rent is accrued by $210. (b) Rates have been prepaid by $880. (c) $2,211 of carriage represents carriage inwards on purchases. (d) Equipment is to be depreciated at 15% per annum using the straight-line method. (e) The provision for doubtful debts to be increased by $40. (f) Stock at the close of the business has been valued at $13,551. TASKS: Prepare an income statement for the year ended 31 May 20X6 and a balance sheet as at that date. [Gross profit $55,141; Net profit $5,888; Net assets =$51,179]