Exercise 2 John Timms is an entrepreneur. He is going to set up his new business named "Sunshine Online Wholesale Traders" and he is the sole owner. The company buys fruit from farmers and sells it online to supermarkets. All goods are collected from farms and delivered to supermarkets on the same day, so no inventory (stocks) of fruit are held. The accounting records of Sunshine Traders at 30 June Year 2, relating to the year then ended, have been summarized by John Timms as follows: $ Fleet of delivery vehicles, after deducting depreciation 35,880 Furniture and fittings, after deducting depreciation 18,800 Trade receivables 34,000 Bank deposit 19,000 Trade payables (creditors) 8,300 Sales 294,500 Cost of goods sold 188,520 Wages and Salaries 46,000 Transport costs 14,200 Administration costs 1,300 Depreciation of vehicles, furniture and fittings 1,100 *Depreciation is the decrease in value of the asset for its usage in the business Required a) Identify each item in the accounting records as either an asset, a liability, or ownership interest (identifying separately the expenses and revenues which contribute to the change in the ownership interest). b) Prepare a balance sheet at 30 June Year 2. c) Prepare a profit and loss statement for the year ended 30 June Year 2 Windows