JP Limited's financial year ended on 30 September 2020. The following balances were available at that date. | $ --- | --- 7% debentures (2026) | 20000 Administrative expenses | 44000 Carriage inwards | 1500 Distribution costs | 38000 Debenture interest paid | 700 Inventory at 1 October 2019 | 66000 Non-current assets at book value at 1 October 2019 | 610000 Provision for doubtful debts | 1000 Purchases | 263000 Revenue | 529500 Trade receivables | 80500 Additional information 1 Inventory at 30 September 2020 was valued at $59 000. 2 Interest on the 7% debentures (2026) had been paid up to 31 March 2020. 3 Administrative expenses included rates of $1200 for the six months ending 31 March 2021. 4 Distribution costs of $800 were outstanding at 30 September 2020. 5 Non-current assets should be depreciated by 10% per annum using the reducing balance method. 6 Irrecoverable debts of $500 are to be written off. 7 The directors wish to maintain the provision for doubtful debts at 2% of trade receivables. REQUIRED