I solve it with many answer and I don't know what is the correct answer please solve it for me with the best answer.

A- Adam owns a small business selling home electronics. Below is the company's unadjusted trial balance dated December 31, 2018 : Trial Balance Account Name Debit Credits Sales 640,000 Sales Return 17,000 Opening inventory 96,000 Purchases 237,000 Purchases return 32,000 Non-Current assets at cost: Property 150,000 Equipment 48,000 Motor Vehicles 28,000 Accumulated depreciation on Equipment 12,000 Motor vehicles 10,000 Salaries and wages 14,000 Insurance 6,000 Advertising expenses 9,000 Motor expenses 3,000 Interest expense 8,000 Receivables 72,000 Allowances for receivables 4,000 Payables 56.000 Cash at bank 311,000 100,000 Bank loan 160,000 Capital 15.000 Drawings 1,014,000 1,014,000 dictmonts. Additional information is provided for use in preparing the company's adjustments: 1. Closing inventory is valued at $65,000. 2. Equipment is depreciated by 25% on straight line basis. 3. Motor vehicles are depreciated by 30% on reducing balance basis. 4. Accrued wages at the end of 2018 amount to $2,600. 5. On 1st April 2018 Adam paid $3,000 for insurance which was valid until 31st March 2019. 6. Irrecoverable receivables of $1,600 need to be write off. 7. Adam decides to increase allowance for receivables to $5,000. Required: 1. Make the end-of-period adjustments entries (10.8 Marks) 2. Prepare Adam's income statement for the year ended December 31, 2018. (10.8 Marks) 3. Prepare Adam's balance sheet as at December 31, 2018. (8.4 Marks) (30 marks) B124/THE-Final (V1) 2 of 4 2019-2020/Second