The following trial balance has been extracted from the ledger of Mr. Cole, a sole trader: Trial balance as at 31 December, 2020 Debit Particulars Sales Purchases Travel expenses Drawings Rent, rates & insurance Postage and stationery Advertisement Salaries and wages Bad debt Investment Income Debtors atr=-- Creditors Cash in hand Cash at bank Inventory as at 1 January, 2020. Equipment at cost Loan Capital 82,350 5,200 7,800 6,600 3,000 1,330 26,420 8,700 12,120 1,700 1,000 11,800 58,000 Credit 138,000 15,890 130 19,000 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.