The following Trial Balance relates to M.M. Bibsy for the year ending 31" December 2018: CRE Capital Drawings Vehicle at cest 4.000 Amilated provision for depreciation vehicle 1750 Shop nings at co 3000 Amilated provision for depreciation shoping 1200 Pechases & Sales 52430 14316 Opening inventory 471330 Trade receivables & Payables 1300 339 Sales & Purchase re 487.30 618.30 Discount allowed & Received 63.30 121.30 Wago 1343050 Vehicle exp 51050 Rent AM Heating and light 109 Telephone 177.50 General exp 876 Imecoverable debt write off 425 Provision for doubtful debes Ca 7730 1070050 Bank Total The following additional information is available relating to M.M. Bibsy: 1. depreciation is charged using the reducing balance method at the rates of 25% on vehicle and 10%, on shop fittings using the straight-line method 2. the provision for doubtful debt is to equal 2% of trade receivables 3. Inventory at 31 December 2018 was valued at 5,758.50 4. Vehicle expenses owing 27.50 and rent prepaid 137.50 Required: Prepare an income statement of M.M. Bibsy for the year ending 31 December 2018 and a Statement of Financial Position.