The following trial balance has been extracted from the records of Sheeran Ltd at 31 December 2019:

In addition, the following information is made available:

(i) Inventory at 31 December 2019 is valued at 72,300.

(ii) Depreciation policies are to be applied as follows: Equipment 25% reducing balance Premises/property Straight line over the useful life of 50 years

(iii) Business rates include a payment of 58,400 made for the 12-month period ended on 31 March 2020. In addition, 1,400 of electricity has been consumed since the last invoice was received.

(iv) Two weeks after the end of the financial year, one of Sheeran's customers who owed 3,200 went into liquidation. The provision for doubtful debts is to be adjusted to 8% of trade receivables at the end of the year.

(v) A repayment of 50,000 on the bank loan was made on 31 December 2019

(vi) The corporation tax for this year is estimated to be 55,500, payable next year. None of the above transactions are currently reflected in the trial balance

Make a Statement of Profit or Loss for Sheeran Ltd for the year ended 31 December 2019, and a Statement of Financial Position as at that date.