The trial balance extracted from the books of Tailor Times as at 31 December 2017 was as follows: Dr Cr $ $ Share capital 200,000 Retained profits 31 December 2016 27,500 Freehold premises at cost 271,000 Provision for depreciation on freehold premises 31.12.2016 54,000 Machinery at cost 84,000 Provision for depreciation on machinery 31.12.2016 21,000 Purchases 563,700 Sales 925,300 General expenses 14,600 Wages and salaries 179,400 Business rates 6,100 Electricity 4,800 Bad debts 1,400 Allowance for doubtful debts at 31.12.2016 1,200 Accounts receivables 74,200 Accounts payable 68,300 Inventory 31.12.2016 81,900 Bank balance 16.200 1.297.300 1.297.300 Given the following information, you are to draw up an Income Statement for the year ending 31 December 2017, and a Statement of Financial Position as at that date: (30 marks) a) Authorized and issued share capital is divided into 400,000 ordinary shares of 50p each. b) Inventory at 31 December 2017 $94,300. c) Wages and salaries due at 31 December 2017 amounted to $1,800. Business rates paid in advance at 31 December 2017 amounted to $700. e) A dividend of $20,000 is proposed for 2003. d)