The following trial balance was extracted from the ledger of Kibusa JoJo, a sole trader, as at 31 May 20X3- the end of his financial year. Kibusa JoJo The following additional information as 31st May 203 is available. (a) Inventory as at the close of business has been valued at K42,000,000. (b) Wages and Salaries need to be accrued by k800,000. (c) Other Operating expenses are prepaid by K300,000. (d) The allowance for receivables is to be adjusted so that it is 2% of trade receivables. (e) Depreciation for the year ended 31 May 20X3 has still to be provided for as follows. Property: 1.5% per annum using straight line method and Equipment: 25% per annum using the reducing balance method. Required Prepare Kibusa JoJo s Income Statement for the year ended 31 May 20X3 and his statement of financial position as at that date