The following trial balance has been extracted from the ledger of Case a sole trader: Trial balance as at 31 December, 2022 Particulars Debit Credit Sales 276,000 Purchases 164,700 Travel expenses 5,200 Drawings 7,800 Rent, rates & insurance 6,600 Postage and stationery 3,000 Advertisement 1,330 Salaries and wages 26,420 Bad debt 8,700 Investment Income 29,420 Debtors 12,120 Creditors 2600 Cash in hand 30,850 Cash at bank 3,700 Inventory as at 1 January, 2022 23,600 Equipment at cost 158,000 Loan 38,000 Capital 106,000 452,020 452020 Inventory at the close of business has been valued at $13,500 Required; Prepare an income statement for the year ending 31st December, 2022 and a balance sheet as at that date.