Charles Penguin Ltd is a wholesaler, and the financial year end is December 31st. The following information is available: a) b) (1) (2) At January 1, 2021, inventory was valued at $10,000. At December 31, 2021: (i) (ii) (iii) (3) For the year to December 31, 2021: Net profit to sales was 15%; Gross Profit mark up was 75%; There was an inventory increase of $8,000; The inventory turnover rate was 8 times. (i) (ii) (iii) (iv) There was a bank overdraft of $7,500; Account Receivables averaged 2 months sales; Account Payables averaged 3 months purchases; Prepare the Income Statement for the year ended December 31st 2021. Calculate the Current Ratio and Liquidity Ratio as at December 31" 2021.