The following trial balance was extracted from the accounts of Grooms Ltd as of 31 December 2019. The authorised capital was 1,000,000 ordinary shares of 50p each and £100,000 preference shares (6%) of £1 each               Debit £   Credit £   Ordinary share capital(1,000,000 of 50p each)     500,000   Preference share capital (100,000 fully paid shares of £1 each)     100,000   Share premium                                                         100,000   Premises at cost 400,000       Motor Vehicles at cost 80,000       Accumulated depreciation-Motor vehicle -                                        12,000   Accumulated depreciation on Premises     8,000   Investment at Cost 150,000       Investment Income     5,000   Retained Profit     50,000   Carriage Inwards 3,500       Wages and Salaries 96,500       Maintenance and repairs 30,000       Bad debts 5,000       Allowance for doubtful debts     5,000   Sales         800,000   Purchases 500,000       Trade receivables 150,000       Trade Payables     120,000   Administration expenses 43,000       Advertising 20,000       Inventory at 1st January 2019 120,000       Preference dividend (paid) 3,000       Ordinary dividend (Paid) 7,000       Return outwards      8,000   Sales returns       15,000       Director's remuneration 50,000       Bank Balance 35,000         1,708,000   1,708,000                                           Additional Information:   Inventory on 31 December 2019 was valued at £150,000.   £2,000 of the administration charge expenses have been prepaid at the year- end   Depreciation is to be charged as follows:        Depreciation on premises 2% on cost           Motor Vehicle 25% per annum on a reducing balance basis   Following a review of the accounts receivables it was decided to adjust the allowance for doubtful debts to 5% of the receivables as at balance date.   Wages & salaries of £3,000 owed as at year end   The tax provision for £8,000 to be made A transfer of £10,000 to made to the general reserve The company made a bonus issue of one share for every 10 held , using the share premium account A dividend of £10,000 on ordinary shares was proposed   Required   Prepare an Income Statement for Internal use and a Statement of changes in equity for the year ended 31 December 2019                          Prepare a Statement of Financial Position for Grooms Limited as at 31 December 2019.