Using the steps outlined above, illustrate the preparation of the following over a 12-month period: 2. XYZ Ltd is formed January 2018, with capital of S1,000 deposited to the bank. Monthly the company has rent of $50, people overheads $12, Utilities $5, Depreciation on equipment purchase for $200 in the amount of 20% using the straight-line method, Other costs for fees and permits. There are monthly sales of the widgets it produces through its virtual manufacturing operations of $500 and the direct materials and direct labour are $200 and $50 respectively a Annual production Budget b. Prime cost and monthly cost of goods sold c Cash book entry for first two months of start-up d. Journal entry for first 3 months e Statement of Income and expenditure (12 months) fBalance sheet (12 months)