The folowing is the statement of financial position of WW Assoc ates as at 31 December 2017 (Cick the icon to view the stalement of financial posiion.) During 2018, the following trarsacions toak place (Cick the con to view the transactions) The business uses he reducn aa ce method of cepreciat on for non-curent assets at the rate c 30% each year. Prepare 3n rcome s atement or the year ended 31 December 2018 and a statement o finance postion as aat date Frst prepare the income statement Begin with The heading and then, centinue with he Revenue section he Expenses secion and the proft or loss (Use a minus sign or brackets for a netlos5 Round your answers to the nearest whole dolar as needed.) WW Associates Statement of financial position 2018 Traneactions for the ar ended 31 December 2018 The awners withdrew equity in the form of cash of $46,000 2 ASSETS Curent e550t5 Cash Prepaid expenses (rates) Trade receivables Premses were remed at an annual rental of 340,000. During the year, rent ef $50,000 was paid to the owner of the premises Rales on the premises were paid duning the year for the periad 1 Apri 2018 to 31 March 2019 and amounted to $4,000 Sales 16,800 800 42.600 24400 84 400 Cost ef sales Gross proft 4 Some machinery (a non-current asseti, which was bought on 1 January 2017 for 528,000, nas proved to be unsatisfactory. It was part-excharged for some new machinery on 1 Jaruary 2018, and WW Associstes paid s cash amcunt of $12.000 The new machinery wouid have cost 530,000 had the business bought twthout the Rent trade-n. 5 Wages totaling $47 800 were paid during the year. At the end of the year, the business Non-curent assets owed $1,720 of wages 6 Electricity bils for the four quarters of the year were paid totsling $5.400 7entories totaling $285,000 were bougiton credt Eledtricity 50.800 35,000 Total assets EQUITY AND LIABILITES Current lebivies Accounts payable Aocrued expenses (wages) inventories totaling $24,000 were bought for cash 9 Sales revenue on credit totalled $422.000 (cast $254 000. Depred 10 Cash sales revenue totalled $84,000 (cost $50,000). 11 Receipts trom tradeeeivables totaled 5306,000 Total expenses 33.800 3.400 37 200 12 Payments to trade payables totaled $312000 13 Van running expenses paid botalled $35,000. Now. oreoare the statement of financial bosition. Becin with the headina and then Equity Chcose from any list or enter any number in the input felds and then continue 50,000 47 800 Retained eamings Pin Done