You are the company accountant for Imp Ltd. The following trial balance for the company as at 30th June 2020 has been prepared: SR000's SR000 Buildings (Cost) 2,000 Motor vehicles (Cost) 450 Administration expenses 480 Purchases 420 Trade payables 190 Share capital 1,000 Retained earnings at 14 July 2019 590 Sales 1,400 Distribution costs 120 Cash at bank (overdraft) 76 Trade receivables 260 Inventory at 14 July 2019 101 Buildings (Accumulated depreciation) 250 Motor vehicles (Accumulated depreciation) 130 Bank loan (repayable 2025) 200 Interest paid 5 Total 3,836 3,836 5 The following additional information is now available: a) Inventory at 30 June 2020 was valued at SR92,000. b) An invoice for petrol for the period 1* May 2020-315 July 2020 was received on 2 July 2020. The cost was SR6,000. This has yet to be accounted for in the trial balance above. Petrol costs are normally charged to administration expenses. c) Depreciation for the year is to be charged 20 per cent reducing balance on motor vehicles and 5 per cent straight line on buildings. All depreciation is charged to distribution costs. d) Imp Lid's finance director wishes to set up a provision (allowance) for doubtful debts of 5% of the trade receivables balance. e) The loan has an interest rate of 5% per annum. Required: Prepare the income statement (statement of profit or loss) for Imp Ltd for the year ended 30 June 2020, using all the information available. ii) Prepare the statement of financial position (balance sheet) at 30 June 2020, using all the information available. You should follow the formats for company financial statements, Ignore taxation