2.1 Preparing a Balance Sheet and an Income Statement The following information is based on accounting data for 2017 and 2018 for PetroLim, a petrochemicals company based in Malaysia. It reports its results in thousands of Malaysian Ringgits. 31 December Statement of Financial Position Items 2018 2017 Cash 177,178 108,140 Accounts receivable 36,838 16,976 Advances to suppliers 40,772 25,328 Inventories 176,934 152,076 Other current assets 40,734 26,914 Property, plant and equipment (net) 495,606 463,180 Oil and gas properties 652,656 540,992 Intangible assets 40,044 32,254 Other noncurrent assets 327,422 264,428 Accounts payable 208,920 155,872 Advances from customers 24,866 23,180 Other current liabilities 169,522 181,878 Longterm debt 70,610 60,802 Other noncurrent liabilities 84,124 73,366 Common shares 889,054 708,680 Retained earnings 541,088 426,510 Income Statement Items 2018 Net operating revenues 1,670,074 Interest and other revenues 6,196 Cost of sales 974,224 Selling expenses 82,690 General and administrative expenses 98,648 Other operating expenses 129,320 Interest expense 5,738 Income taxes 98,662 Required Prepare an income statement for PetroLim for the year ending 31 December 2018. Prepare statements of financial position for PetroLim as of 31 December 2017 and 31 December 2018