please show step by step and asap

Task 1 (25 marks) You are provided with the Trial Balance of Palazzo Resort as at 31 October 2021 with additional information. You have been requested to construct the appropriate final accounts for the year ended 31 October 2021. Palazzo Resort Trial Balance as at 31 October 2021 Debit Credit 000 000 Revenue 15,000 Opening Inventory 800 Purchases 10,000 Administration expenses 650 Interest received 40 Interest paid 750 Property (Cost) 33,000 Accumulated Depreciation b/f 6,000 Long-term investments 800 Trade receivables 510 Cash at bank 450 Trade payables 900 Long-term loan 9,900 Share capital 8,400 Retained profits (b/f) 6,720 46,960 46,960 Additional information: The closing inventory is valued at 850,000. . The Administrative Expenses include 125,000 for utility bills paid during the year. This included 15,000 outstanding from the previous year. The utility bills for the last month of this financial year have yet to be received and an accrual needs to be provided for. Irrecoverable debts of 10,000 are to be provided for. A further allowance of 1% of the outstanding balance is also to be provided. Property is depreciated over 50 years on a straight line basis. The estimated residual value is 3,000,000. You are required to prepare the: Income Statement (10 marks) Statement of Financial Position (15 marks)