Use this information to answer this question (Question #1 and all the other 19 questions).Solar Eclipse, a sole trader, has asked you to assist him in preparing his financial statements. He operates a small wholesale business in Kingston and has presented you with the following Trial balance as at December 31, 2022:Particulars/DetailsDRCR$$Stock at January 1, 202221,6720Bank overdraft018,270Capital030,240Cash3780Discounts6,0484,032Returns3,4022,394Carriage outwards9,0720Carriage inwards3,9900Insurance7,3080Provision for bad debts02,772Equipment7,1400Motor Truck13,0200Provision for depreciation on Motor Truck04,200Provision for depreciation on Equipment02,100Accounts Receivable and Payables50,02225,452Drawings12,0960Telephone Charges37,5480Rent2,0160Purchases and Sales92,022176,274265,734265,734 Notes:      i.         A search of the warehouse on December 31, 2022 revealed some merchandise in a closed container valuing $30,800. This was deemed to be material in nature. There was another box of item valuing $500 but was deemed to be immaterial.     ii.         On December 31, 2023 we received an email that telephone charges valuing $1,260 throughout the year had not been paid by us and therefore requires payment.   iii.         We got a letter via mail that the rent payments throughout the year have not been paid by us. The amount in the letter for the rent amount to $700.   iv.         For the year 2022, we were required to pay Insurance for 12 months but we paid for 13 months. The payment for the 13th month for the insurance was $1,120 which is for January 2023.       v.         Increase the provision for bad debts to $2,800   vi.         Provision for depreciation Motor Truck 10% of cost, and Equipment 15% on the reducing balance method.  Required:(a)   Prepare an Income Statement for the year ended December 31, 2022

Use this information to answer this question (Question #1 and all the other 19 questions).Solar Eclipse, a sole trader, has asked you to assist him in preparing his financial statements. He operates a small wholesale business in Kingston and has presented you with the following Trial balance as at December 31, 2022:Particulars/DetailsDRCR$$Stock at January 1, 202221,6720Bank overdraft018,270Capital030,240Cash3780Discounts6,0484,032Returns3,4022,394Carriage outwards9,0720Carriage inwards3,9900Insurance7,3080Provision for bad debts02,772Equipment7,1400Motor Truck13,0200Provision for depreciation on Motor Truck04,200Provision for depreciation on Equipment02,100Accounts Receivable and Payables50,02225,452Drawings12,0960Telephone Charges37,5480Rent2,0160Purchases and Sales92,022176,274265,734265,734 Notes:      i.         A search of the warehouse on December 31, 2022 revealed some merchandise in a closed container valuing $30,800. This was deemed to be material in nature. There was another box of item valuing$500 but was deemed to be immaterial.     ii.         On December 31, 2023 we received an email that telephone charges valuing $1,260 throughout the year had not been paid by us and therefore requires payment.   iii.         We got a letter via mail that the rent payments throughout the year have not been paid by us. The amount in the letter for the rent amount to$700.   iv.         For the year 2022, we were required to pay Insurance for 12 months but we paid for 13 months. The payment for the 13th month for the insurance was $1,120 which is for January 2023.       v.         Increase the provision for bad debts to$2,800   vi.         Provision for depreciation Motor Truck 10% of cost, and Equipment 15% on the reducing balance method.  Required:(a)   Prepare an Income Statement for the year ended December 31, 2022