XClink company was set up 5 years ano to provide services to its customers. The trial balance of the XClowe as at 31 December 2008 is as follows: One of the equipments costing 300,000 acquired on January 1, 2004 was damaged at the end of 2008, if the company rclinic decides to sell this equipment it will receive a price of 140,000 , to sell the equipment the company should pay 1000 as a transportation fee. If the company rclinic decides to keep the machine (equipment), the present value of future cash flows generated by the machine are 130,000 . 1. Depreciation expenses related to the year 2008 : - Buildings and equipments are depreciated using the straight line method over 10 years. 2. Depreciation and impairment are charged to Administration expenses. Requirement From the information above, prepare the Income Statement for XClinic Company for the year ended 31 December 20X8, and a statement of financial position at that date. XClink company was set up 5 years ano to provide services to its customers. The trial balance of the XClowe as at 31 December 2008 is as follows: One of the equipments costing 300,000 acquired on January 1, 2004 was damaged at the end of 2008, if the company rclinic decides to sell this equipment it will receive a price of 140,000 , to sell the equipment the company should pay 1000 as a transportation fee. If the company rclinic decides to keep the machine (equipment), the present value of future cash flows generated by the machine are 130,000 . 1. Depreciation expenses related to the year 2008 : - Buildings and equipments are depreciated using the straight line method over 10 years. 2. Depreciation and impairment are charged to Administration expenses. Requirement From the information above, prepare the Income Statement for XClinic Company for the year ended 31 December 20X8, and a statement of financial position at that date