Your supervisor has requested your assistance with the preparation & drafting of the financial reports of Senaratne Ltd for the period ending 30 June, 2020. The company uses the periodic inventory system. All sales of goods of Senaratne Ltd are on a credit basis. The Unadjusted Trial Balance of Senaratne Ltd., as at 30 June 2020 shows the following ledger account balances: SENARATNE LTD Unadjusted Trial Balance as at 30 June 2020 Account Debit Credit $865 000 10 000 56 200 24 000 132 000 240 000 $242 000 480 000 84 000 60 000 102 940 1 200 Share capital First Call Retained earnings Accounts payable Bank overdraft (current) Mortgage payable Land Buildings Accumulated depreciation - buildings Motor Vehicles Accounts receivable Provision for doubtful debts Inventory (1 July 2019) Investments Sales Interest revenue Sales returns & allowances Purchases Freight inwards Salaries Directors Fees Commission expense Interest expense Delivery expense General expenses 180 000 480 000 406 000 21 000 4 000 157 000 1 800 59 880 3 600 1 200 12 000 2 400 32 580 $1 829 400 $1 829 400 PART C Your final task is to prepare closing balances for equity accounts and a Balance Sheet as at 30 June, 2020 using the following information & with reference to the General Journal adjustments in Part A; The Share Capital account of Senaratne Ltd. represents: January 2019 - 200 000 S1 shares issued and fully paid on application. September, 2019 - 900 000 SI shares were issued on subscription with applications payable as follows; Oct. 2019 25e per share payable on Application 25e per share payable on Allotment The remaining amount payable under Two Calls of 25c each Nov. 2019 The share issue is fully subscribed & directors proceed with allotments Share issue costs of $10 000 were paid on November 15 All Application & Allotment money owing was fully paid Feb. 2020 Call #1 of 25e per share was made in March on these 900 000 shares, but 40 000 shareholders had failed to pay the call by 30 June 2020. An interim dividend of S15 000 has been paid during the year out of retained earnings. Required; Dec, 2019 Using the templates provided complete the balances to be carried down in the following Equity accounts; i. Share Capital ii. Call #1 iii. Retained Earnings Share Capital Balance b/d Call #1 MacBook Air Share Capital Balance b/d Call #1 | Retained Earnings