Feng is a sole trader. The following balances were extracted from the books on 30 September 2019. Non-current assets (at cost) Land and buildings $170000 Motor vehicles $30000 Fixtures and fittings $7000 Provisions for depreciation at 1 October 2018 Land and buildings $18600 Motor vehicles $10000 Fixtures and fittings $1400 Disposal account $8500 Credit Revenue $326000 Purchases $135000 Returns inwards $4300 Carriage of goods $9000 Wages and salaries $90000 Motor vehicle expenses $11250 Insurance $2700 Rent receivable $14500 6% Bank loan (repayable 30 May 2022) $40000 Bank interest paid $2400 Capital $160000 Drawings $25000 Inventory at 1 October 2018 $30000 Electricity and water $6050 Marketing expenses $17300 General expenses $14000 Bank $27450 Debit Trade payables $36550 Trade receivables $35000 Provision for doubtful debts $900 Additional information at 30 September 2019 1 On 15 August 2019 goods had been purchased on credit for $1950. The transaction had not been recorded in the books. 2 Carriage of goods included $2700 for carriage on purchases. 3 Inventory was valued at $35550. 4 Rent receivable, $1500, was due. 5 The insurance included an annual payment of $800 made on 1 January 2019. 6 $750 was owing for water. 7 A new motor vehicle costing $16000 was purchased on 19 September 2019. Payment was made by cheque. No entries had been made in the books. 8 Depreciation is to be charged on all non-current assets owned at the end of the year as follows. (i) Land costing $60000 is not depreciated. The buildings are depreciated at 2% per annum on cost. (ii) Motor vehicles are depreciated at the rate of 25% per annum using the diminishing (reducing) balance method. (iii) Fixtures and fittings are depreciated at the rate of 10% per annum on cost, using the straight-line method. 9 Trade receivables of $7000 are irrecoverable. The provision for doubtful debts is to be maintained at 5% on the remaining trade receivables. REQUIRED