A trader registered for VAT reports his purchases, sales and expenses for the year as £92,120, £116,090 and £16,920 respectively. The amounts reported are all inclusive of VAT at 17.5%. The Statement of Financial position as at the year-end will report VAT as:

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a £1,050 payable b £1,050 receivable c £1,234 payable d £3,570 payable