The following trial balance has been extracted from the ledger of Mr. Cole, a sole trader:Trial balance as at 31 December, 2020. Particulars debit credit sales 138,000 purchases 82,350 Travel expenses 5,200 drawings 7,800 Rent, rates and insurance 6,600 Postage and stationary 3,000 advertisement 1,330 Salaries and wages 26,420 Bad debt 8,700 Investment income 15,890 Debtors 12,120 Creditors 130 Cash in hand 1,700 Cash at bank 1,000 Inventory as at January, 2020 11,800 Equipment at cost 58,000 Loan 19,000 capital 53,000 226,020 226,020 Inventory at the close of business has been valued at $13,500. Required; Prepare an income statement for the year ending 31st December 2020 and a balance sheet as at that date