You are the company accountant for Giz Ltd. The following trial balance for the company as at 31st December 2020 has been prepared: SAR'000 SAR000 Plant and equipment (Cost) 1.200 Motor vehicles (Cost) 650 Administration expenses 225 Purchases 680 Trade payables 110 Share capital 500 Retained earnings at 1" January 2020 792 Sales 1,400 Distribution costs Cash at bank 76 230 Trade receivables Inventory at 19 January 2020 280 Plant and equipment (Accumulated depreciation) 250 Motor vehicles (Accumulated depreciation) 127 Bank loan (repayable 2031) 250 Interest expense 60 180 Total 3.505 3.505 The following additional information is now available: a) Inventory at 31 December 2020 was valued at SAR325,000. b) Distribution costs include amounts due on a contract for motor servicing for the company's vans. SAR9,000 is paid at the end of every 3 months. The last payment was made on 30 November 2020. Depreciation for the year is to be charged 15 per cent reducing balance on motor vehicles and 5 per cent straight line on plant and equipment. 1 One of Giz Ltd's customers, Nomoney Company, owes Giz Ltd SAR22,000. However, a letter was received in early January 2021, stating that Nomoney Company has been liquidated and therefore Giz Ltd should not expect to receive this cash. Required: Prepare the income statement (statement of profit or loss) for Giz Lid for the year ended 31st December 2020, using all the information available Prepare the statement of financial position (balance sheet) at 31st December 2020 using all the information available. You should follow the formats for company financial statements. Ignore taxation