Required: a) Prepare a properly formatted Income Statement. b) Prepare a properly formatted Balance Sheet. Trial Balance Workings Dr Cr 460,000 390,000 190,000 124,000 42,000 140,000 2,200,000 72,000 1780,000 336,000 Land and Buildings Shop Fittings Acc Depn-Shop Fittings Bank Overdraft Office Furniture & Equipment Accounts Receivable Sales Inventory (Opening) Purchases ANZ Long-Term Loan Wages Accounts Payable GST Collected GST Paid Capital (opening) Insurance Office Expenses Bad Debts Drawings Customs Duty Depreciation 60,000 80,000 58,000 64,000 200,000 10,000 22,000 4,000 36,000 60,000 48,000 Totals $3,188,000 $3,188,000 The following is a Trial Balance from the ledger of BJS Fashion for the year ended 30 June 2020. Also, a stock-take was done on the 30th June, showing closing inventory of $64,000. The closing inventory has not been entered into the journals. Required: a) Prepare a properly formatted Income Statement. b) Prepare a properly formatted Balance Sheet. Trial Balance Workings Dr Cr 460,000 390,000 190,000 124,000 42,000 140,000 2,200,000 72,000 1780,000 336,000 Land and Buildings Shop Fittings Acc Depn-Shop Fittings Bank Overdraft Office Furniture & Equipment Accounts Receivable Sales Inventory (Opening) Purchases ANZ Long-Term Loan Wages Accounts Payable GST Collected GST Paid Capital (opening) Insurance Office Expenses Bad Debts Drawings Customs Duty Depreciation 60,000 80,000 58,000 64,000 200,000 10,000 22,000 4,000 36,000 60,000 48,000 Totals $3,188,000 $3,188,000