The following Trial Balance was extracted from the books of Kalusa Investment Plc at 31 December 2019: The following additional information at 31 December 2019 is available: a) The allowance for receivables is to be adjusted to 2% of the receivables figure. b) Income tax on the current year profits is estimated at ZMW 10,000. c) Depreciation at 5% reducing balance method of plant and machinery is to be provided. d) The Motor vans are to be depreciated at 10% per annum straight line. e) Debenture interest amounting to ZMW 6,000 was paid by 28 November, 2019. No accrual has been made. f) Closing inventory at cost of ZMW 97,000 was recorded. g) Prepaid selling and delivery expenses amount to ZMW 7,000. h) Accrued administration expenses amount to ZMW 8,500, while ZMW 6,000 was prepaid. i) The land is to be revalued at ZMW 275,000. Required: 1. Prepare an income statement for the year ended 31 December 2019. 2. Prepare a statement of financial position as at 31 December 2019. The following Trial Balance was extracted from the books of Kalusa Investment Plc at 31 December 2019: The following additional information at 31 December 2019 is available: a) The allowance for receivables is to be adjusted to 2% of the receivables figure. b) Income tax on the current year profits is estimated at ZMW 10,000. c) Depreciation at 5% reducing balance method of plant and machinery is to be provided. d) The Motor vans are to be depreciated at 10% per annum straight line. e) Debenture interest amounting to ZMW 6,000 was paid by 28 November, 2019. No accrual has been made. f) Closing inventory at cost of ZMW 97,000 was recorded. g) Prepaid selling and delivery expenses amount to ZMW 7,000. h) Accrued administration expenses amount to ZMW 8,500, while ZMW 6,000 was prepaid. i) The land is to be revalued at ZMW 275,000. Required: 1. Prepare an income statement for the year ended 31 December 2019. 2. Prepare a statement of financial position as at 31 December 2019