Zing Ming operates a guitar shop where he sells electric guitars. His business is called "Electric Dreams". At year end Zing has prepared the following unadjusted Trial Balance. The order of the accounts in the trial balance is not correct yet, as the balances are all correct, Zing knows that he will still be able to prepare his financial statements from the information provided. Electric Dreams TRIAL BALANCE (continues on the next page) AS AT 30 JUNE 2020 DEBIT ($) CREDIT ($) 45,000 80,000 8,800 Computer Equipment Vehicles Purchase returns and allowances Accounts Receivable Accumulated Depreciation - Computer Equipment 32,000 18,000 4,500 100,000 22,000 6,800 50,000 4,500 8,200 5,000 2,700 5,000 Sales Returns & Allowances Salaries - Sales staff Accumulated Depreciation - Vehicles Discount allowed Accountant salary Office supplies on hand Office supplies expense Advertising expense Allowance for Doubtful debts Interest expense Rent expense - Admin office Rent expense - Shop Accounts Payable Prepaid rent Electricity Expense Freight Inwards Expense Depreciation expense - Vehicles Salaries payable Purchases Depreciation Expense - Computer Equipment Drawings - Zing Ming 12,000 18,000 26,000 2,000 8,000 6,000 4,000 7,000 180,000 3,500 2,500 6 Sales Revenue 422,000 Capital - Zing Ming (1 July 2019) 174,200 20,000 1,800 18,000 3,100 Loan payable (repayable on 30 June 2025) Discount received Inventory (1 July 2019) Interest Income Telephone expense Freight Outwards Expense Cash at Bank Unearned Revenue Doubtful debts expense 7,200 5,000 100,000 2,500 900 708,100 708,100 The following information has been provided to assist in your statement preparation: On 30 June 2020 the stocktake revealed an inventory balance of $25,000. The electricity expense is split as follows: 60% to the Shop and 40% to the Administrative office The telephone expense is split as follows - $2,000 to the Shop and the rest to the Administrative office. REQUIRED: Prepare a fully classified Income Statement AND a Statement of Changes in Equity using the Trial Balance and additional information provided. (14 Marks)