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Below is the Trial Balance for TK & Company Limited as at 31 December 2020. TK & Company Limited Trial Balance as at 31 December 2003 Cash at hand 2.000 4.000 100.000 10.000 2.000 Cash at bank Land, cost Motor vehicle at cost Accumulated depreciation - Motor vehicle Equipment at cost Accumulated depreciation - (equipment) Stock Ist January (opening stock) Trade debtors Provision for bad debts 20,000 4.000 1,000 5,000 2.000 Trade creditors 3.000 Sales 200.000 Purchases 110.000 2.000 1,000 Discount allowed Discount received Purchases retums (return outwards) Sales retums (returns inwards) 5.000 10.000 Rent 30.000 Carriage inwards 6,000 Salaries 8.000 Salaries payable (accrued salaries) 15,000 1.800 Electricity 7,000 Bad debts 1,200 Capital 26.000 Long term bank loan 288.000 288.000 Additional Information: Closing stock at the end of the financial year was valued at GHC20,000,000 Salaries of GHC15,000,000 accrued or remained outstanding at the end of the year and were not recorded in the trial balance. Half of the rent paid is for the following financial year ending December 31, 2021. Depreciation is to be accounted for on the following basis: Land & Building Straight-line method o Motor vehicles Straight-line method o Equipment and fumiture Straight-line method 5% 20% 10% Depreciate fixed assets by 20% on the cost at the end of the year 20% of trade debtors are expected to default a provision against bad debts should be made. Corporate tax rate is 25% Required: Prepare the following financial statements of TK Limited by relevant legislation and international reporting standards (IFRS): (a) The Statement of Comprehensive Income for the year ended December 31, 2020. (b) The Statement of Changes in Equity for the ended December 31, 2020. (c) The Statement of Financial Position as at December 31, 2020