The Trial Balance of JBC Limited, a company which sells on-line items, as at 31 July 2022, is given below: Provision for doubtful debts Salaries and wages Inventory at 1 August 2021 1,200 82,300 34,620 Dividend paid Purchases Sales Administrative expenses 1,500 362,118 615,753 36,580 Distribution costs 18,115 Land at cost 315,000 Motor vehicles at cost 32,860 Motor vehicles accumulated depreciation at 1 August 2021 17,450 1 Ordinary Shares 260,000 Retained Earnings 48,190 Buildings at cost 125,000 Buildings accumulated depreciation at 1 August 2021 18,380 Bank 17,350 Share Premium 6,300 90,000 2,000 60,340 30,510 1,087,783 1,087,783 5% Loan notes Loan note interest Trade Receivables Trade Payables The following information should also be taken into account: 1. Motor Vehicles are depreciated at 20% per annum using the reducing balance metho 2. Buildings are to be depreciated at 3% per annum using the straight-line method. 3. The closing inventory was valued at 46,740. 4. Corporation tax on profits for the year was estimated at 13,450. 5. Administrative expenses accrued were 2,500. 6. A customer who owed 4,800 has gone bankrupt and the company has decided to treat the amount as a bad debt. 7. Distribution costs prepaid amounted to 1,230. 8. The provision for doubtful debts is to be adjusted so as to represent 6% of the trade receivables. Required: Prepare the following statements for JBC Limited: a) Statement of profit or loss for the year ended 31 July 2022 b) Statement of Financial Position as at 31 July 2022