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 TRIAL BALANCE AS AT 31 MAY 20X3 Dr Cr K000 K000 Property, at Cost 120,000 Equipment, at Cost 80,000 Provisions for depreciation (as at 1 June 20X2) - on Property 20,000 -on equipment 38,000 Purchases 250,000 Sales 402200 Inventory as at 1 June 20X2 50,000 Discount allowed 18,000 Discount received 4,800 Returns Out 15,000 Wages and Salaries 58,800 Irrecoverable Debts 4,600 Loan Interest 5,100 Other Operating expenses 17,700 Trade Payables 36,000 Trade Payables 38,000 Cash In Hand 300 Bank 1,300 Drawings 24,000 Allowance for receivables 500 17% long term loan 30,000 Capital 121,300 667,800 667,800 The following additional information as 31st May 20X3 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