The trial balance of BCB Limited as at 31 December 2020 appeared as follows:

	Dr	Cr
Share capital		120,000
Sales revenue		617,100
Purchases	223,500
Returns inwards	4,800
Returns outwards		5,500
Provision for doubtful debts		2,000
Bank	45,000
Inventory	46,000
Motor Vehicles at Cost	75,000
Motor Vehicles - Accumulated Depreciation		27,000
Equipment at cost	290,500
Equipment Accumulated Depreciation		36,200
Trade Payables		24,000
Trade Receivables	36,000
10% loan		40,000
10% loan interest	2,000
Wages and salaries	91,500
Telephone	1,800
Light & Heat	26,000
Insurance	15,000
Repairs & maintenance	7,400
Advertising	4,000
Bad debts expense	3,300
	871,800	871,800

You are provided with the following information.

1. The provision for doubtful debts is to be adjusted so as to represent 8% of trade receivables.
2. Bad Debt of 1,200 to be written off.
3. Equipments are to be depreciated by 20% using the straight line method.
4. Motor vehicles are to be depreciated by 20% using the reducing balance method.
5. Outstanding bills for the period: Electricity - 725
6. Insurance has been paid up until 31 March 2021.
7. The closing inventory was valued at 39,000.

Required: prepare for the year ended 31 December 2020 using the above information:

1. An Income statement
2. A Statement of Financial Position