Akiko Industries began operations early in January 2020. On 31 December 2020, records showed the following asset, liability, equity, income and expense amounts: Akiko, Capital ? 14,400 Electricity expense Telephone expense 9,800 25,000 Advertising expense Insurance expense Wages expense 5,000 88,000 Drawings 46,800 Accounts receivable Rent expense Cash at bank Supplies expense Accounts payable Service income Supplies Equipment 51,200 27,000 20,500 10,500 19,000 295,000 22,000 96,000 Required: a) Prepare an income statement for Akiko Industries for the year ended 31 December 2020. (10 marks) b) Prepare a balance sheet as at 31 December 2020. (10 marks)do Go to Settings to ac