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From the following information prepare the Income Statement and the Balance Sheet

Trial Balance

JL Traders Inc.

Trial Balance

Drawings as at December $31,2022$

Debit$

Credit $

Debtors$/$Accounts Receivable

$145,000$

Drawings

$52,450$

Insurance Expen se

$6,000$

General Expenses

$30,000$

Salaries

$150,000$

Patents

$75,000$

Machinery

$200,000$

Leasehold Land

$100,000$

Building

$300,000$

Beginning Inventory

$58,600$

Transportation on Purchases

$20,400$

Transportation on Sales

$32,000$

Fuel and Power

$47,300$

Wages

$104,800$

Return Inward

$6,800$

Cash at Bank

$29,500$

Cash in Hand

$5,400$

Purchases

$406,750$

Creditors$/$Accounts Payable

$63,000$

Beginning Capital

$710,000$

Purchase Return

$5,000$

Sales

$988,800$

Commission

$3,200$

$1,770,000$

$1,770,000$

Note: Ending Inventory $$68\mathrm{.}000$

Additional information:

A$.$ Transportation on Sales is an operating Expense

B$.$ Transportation on Purchases is to be included as an addition to Purchases

C$.$ Patents is a Non$-$current Asset

D$.$ Purchase Returns is a deduction from Purchases

E$.$ Sales Returns is a deduction from Sales$\backslash$table$[[$Trial Balance$],[\backslash$table$[[$JL Traders Inc.$],[$Trial Balance$],[$Drawings as at December $31,2022]],,,],[,,$Debit $$,$Credit $$],[$Debtors$/$Accounts Receivable,,$145,000,],[$Drawings$,,52,450,],[$Insurance Expense,,$6,000,],[$General Expenses,,$30,000,],[$Salaries$,,150,000,],[$Patents$,,75,000,],[$Machinery$,,200,000,],[$Leasehold Land,,$100,000,],[$Building$,,300,000,],[$Beginning Inventory,,$58,600,],[$Transportation on Purchases,,$32,400,],[$Transportation on Sales,,$47,300,],[$Fuel and Power,,$104,800,],[$Wages$,,6,800,],[$Return Inward,,$29,500,],[$Cash at Bank,,$5,400,],[$Cash in Hand,,$406,750,],[$Purchases$,,,63,000],[$Creditors$/$Accounts Payable,,$710,000,],[$Beginning Capital,,$5,000,],[$Purchase Return,,,$988,800],[$Sales$,,,],[$Commission$,,,],[,,,],[,,,],[$Note: Ending Inventory $$68,000,,,],[,,,]]$

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