The following trial balance was obtained from the books of Pecos Martinez as at December 31, 2020: DETAILS DR CR Cash 32,900 Land and Building 350,000 Provision for Depreciation on Building 42.000 Motor Vehicle 280,000 Provision for Depreciation on Motor Vehicle 56.000 Machinery and Equipment 220,000 Provision for Depreciation on Machinery & Equipment 33,000 Capital 400.000 Drawings 12.000 10% Loan 250,000 Building Repairs 30,000 Commission Received 42,000 Opening Stock 56,000 Insurance 23,000 Bad Debts 7,550 Sales 610,000 Wages and Salaries 78,000 Discounts 5.000 12,000 Loan Interest 18,000 Creditors 45,250 Returns 6.500 9,000 Rent Received 27.000 Purchases 380,000 Debtors 60,000 Provision for Bad Debes 9.200 Telephone Charges 23,500 Bank 47,000 15824501582,450 Additional Notes Stock at year end was valued at $80,000 b. Wages is prepaid by $3,000 Telephone charges is owing by $2,500 a. Stock drawings $8,000 The rent received is owing by $8,000 Commission income is prepaid by $8,000 The provision for bad debts is to be adjusted to 10% of debtors h. Depreciation charges are to be applied as follows ASSET Land and Building Motor Vehicle Machinery and Equipment RATE METHOD 5% Straight Line 10% Reducing Balance 10% Straight Line Required Prepare the following The Statement of Profit and Loss for the year ending December 31, 2020 (27 marks) b. The Statement of Financial Position as at December 31, 2020 (23 marks)