Please include steps and explanations

100,000 41,000 141,000 EXERCISE 4 Balance sheet of the company Gama" as at 01.02.200X: ASSETS EQUITY & LIABILITIES Property, plant & equipment* 100,000 Share capital Long-term financial assets 7,500 Trade payables Materials 6,500 Trade receivables 7,000 Cash** 20,000 Total assets 141,000 Total equity and liabilities * Relating accumulated depreciation 150,000. ** The whole amount on bank account. In February the following accounting operations occurred: 1. Materials worth 2,000 were taken from the storehouse and used: a) for production purposes: - 1,800 b) as a casual office use: - 200 2. Materials worth 2,000 were received as a free-of-charge transfer. 3. The company calculated depreciation - 900, including: a) depreciation of a production machinery - 800 b) depreciation of administration equipment - 100 4. The company sold production materials for 1,500 (in cash) and issued an invoice. Purchase value of these materials was 1,000. The materials were taken from the warehouse. 5. 50 pieces of finished products worth 2,000 in total were taken to the warehouse (remaining main activity cost equals work in progress). 6. The entity received an interest from a bond 250 on the bank account. 7. The company sold half of finished goods with deferred payment (selling price on an invoice was 60 per piece). 8. Sold goods were taken from the storehouse and delivered to the customer. 9. 1,000 of the liabilities were paid by bank money transfer. 10. 150 of the costs of transport were paid by cash. Required: a. Open the accounts and register all of the accounting operations, considering functional set of costs. b. Calculate profit or loss. c. Close the accounts and prepare the closing balance sheet as at 28.02.200X