The Secretary of Zambia Club has not been keeping proper financial records. Now members have demanded to know if the club has had a surplus or a deficit at 31st December 2017. However, the Secretary has been able to provide the following information: Balances at 31st December: 2017 2016 K K Long-term borrowing 18 400 28 000 Bank overdraft - 13 000 Subscriptions received in advance 12 240 10 400 Income received in advance 10 000 7 600 Accrued expenses 2 600 3 200 Furniture at cost 50 000 50 000 Equipment at cost 93 000 93 000 Bank (favourable ) 4 960 - Stationery inventory 20 400 19 600 Additional information relating to entries not yet taken into account is as follows: 1) During the year 2017, the club experienced a break-in and lost K200 000. The Secretary was not surcharged and the club accepted the loss. 2) Depreciation on Furniture is K10 000 and on Equipment is K18 600. Required: Calculate the estimated surplus or deficit for the club for the year ended 31st December 2017.