The following trial balance was extracted from the books of Night shade Ltd. as at 30 September 2020: $ Land and buildings 151,000 Motor vehicles at cost 60,000 Accumulated depreciation on motor vehicle (1 October 2019) 15,000 Purchases and sales 1,204,000 1,574,050 Inventory (1 October 2019) 91,000 Revenue reserves 66,700 General expenses 2.325 Salaries and wages 244,150 Electricity Bank balance Interim dividend paid Motor vehicles expenses Insurance 5,600 42,200 7,000 4,475 7,150 Discounts allowed and discounts received 10,900 8,300 Bad debts written off 3,050 Accounts receivable and accounts payable 136,500 100,700 Debenture interest paid 2,400 Ordinary shares ($ 40 par value) 160,000 Share premium 8% debentures Cash in hand Directors' fees 36,000 60,000 9,000 40,000 2,020,750 2,020,750 Additional information: 1. 1Goods costing $710 purchased on credit on 29 September 2020, were in transit and therefore had not been entered in the books by close of business on 30 September 2020. 2. Inventory as at September 2020 was valued at $112, 300 3. A debtor who owed the company $1,500 was declared bankrupt. His debt has not yet been written off. 4. Allowance for doubtful debts is to be set at 2% of the outstanding receivables. 5. Depreciation is to be provided on motor vehicles at a rate of 20% per annum on cost. 6. As at 30 September 2020, outstanding motor vehicles expenses amounted to $125,000 while pre-paid insurance amounted to $150. 7. Invoices issued amounted to $950 had completely been omitted from the records as at 30 September 2020. 8. Provision is to be made for outstanding debenture interest and corporation tax of $22,975. 9. The directors have proposed a final dividend of $2.50 per share. Required: 1. Income statement for the year ended 30 September 2020. 2. Statement of financial position as at 30 September 2020.