The Mays' Corporation's Trial Balance as at December $31,2017$ si shown below.Premises$10\%$ DebentureRetained Earnings Jan $1,2017$ Trade receivablesTrade payables Administrative Expenses Seling &Distribution Costs Other Operating Expenses Provision for bad debtRent ReceivedSalesCost of SalesMotor VehiclesP r o v $.$ F o r D e p n $\text{'}$ : M$.$ V e h $.$ Fixtures &FitingsProv. For Depn': Fix &Fit Inventory at Jar. $1,2017$ Debenture Interest Paid Interim Ordinary dividends General ReservesOrdinary Shares @$$1\mathrm{.}006\%$ Preference Shares @$$2$ Cash and bank$$668,000300,000200,000167,000152,000175,000150,00066,0009,00035,0002,950,0001,700,000500,00050,000250,00020,000160,00015,00014,000175,000350,000100,000410,0004,308,0004,308,000$The folowing additional information si available:$1$ Debtors totaling $$8000$ are ot be writen of and the provision for bad debts increased ot $$15000\mathrm{.}2$ During the year the company rented some of its warehouse space ot another organization for $$5000$ per month. The date of this rental agreement commenced on March $,12017\mathrm{.}3$Accruals and prepayments:a$.$ Distribution costsb$.$ Administrative expensesPrepayments$3000020000$Accrual$50000300004$ Depreciation should be provided as folows: a$.$ Premisesb. Fixtures and Fittings.c Motor VehiclesNil$8$percent per year on the reducing balance $10$ percent per year on costDepreciation si ot be divided equaly between distribution cost and administrative expenses$5$ Corporation tax si estimated ot be $$1000006$ Closing stock as at December $31,2017$ si $$170,000\mathrm{.}00$Page $6$ of $107$ Profit after tax for the year ended December $31,2017$ was $$666,600\mathrm{.}008$ The directors proposed on December $20,2017$ to pay the total preference share dividends. On December $21,2018$ the directors decided ot pay a further $$0\mathrm{.}05$ ordinary share dividend.Required:Prepare hte financial statements