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Question 2 FEDEROV The following is the trial balance extracted from the books of Federov at 31 December 2020 : (1) Inventory at 31 December 2020 was $7,550. (2) Federov's son works in the business, receiving an annual salary of $500, which had been included in the drawings. (3) Interest on the loan at 5% per annum had not been paid at 31 December 2020. (4) Rent includes $250 for premises paid in advance for the half year to 31 March 2021. (5) Depreciation is to be charged at the following rates on the reducing balance basis: Plant and equipment by 10% per annum Furniture and fittings by 5% per annum (6) The loss allowance for receivables is to be maintained at 3% of trade account receivable balances. Required: Prepare the statement of profit or loss for the year ended 31 December 2020 and the statement of financial position at that date