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QUESTION 2 bJ4, 7010 6144,700 The following information, which has not been accounted for above, is also available: (i) The closing inventory amounted to 54,500 (ii) Depreciation is to be charged on motor vehicles at 20% straight line, land and building 2% straight line and fixtures and fittings 10% straight line. This is the first year that depreciation will be charged on these assets. Requirement: (a) Prepare the Statement of Profit \& Loss for the year ended 31st December 2020 . (12 marks) (b) Prepare the Statement of Financial Position as at 31st December 2020. (13 marks) Total (25 marks)