The following trial balance was extracted from the books of Kamsi; a sole trader, as at 31 December 2019: Dr Cr N N Inventory, 1" January 2019 481,000 Bank 151,680 Cash in hand 14,080 Payables 336,200 Receivables 195,280 Commissions Received 70,000 Insurance 7,680 Bad Debts 1,040 Sales Returns 2,240 Purchases Returns 15,680 Sales 2,939,920 Furniture 44,160 Telephone 1,360 Rate 4,040 Salaries 113,480 Electricity 3,640 Purchases 2,739,400 Postages 5,520 Advertising 5,080 Capital Motor Vans 644,960 37,080 Land and Building 200,000 4,006,7604,006,760 Additional Information: i. The Inventory as at 31st December 2019 was N431,480 ii. Write off depreciation as follows: Land and Building at 5% Motor van N8,000 Furniture at 10% iii. Prepaid rate is N600 while accrued telephone is N880 iv. Make provision of N12,000 for doubtful debts. You are required to prepare: a) Statement of profit or loss for the year ended 31 December 2019 b) Statement of financial position as at 31 December 2019