Anika owns property which she rents out to university students. She has made a consistent profit for each year she has been in business. Her trial balance at 31 August 2022 was as follows. Debit Credit $ $ Capital 400 000 Rent receivable 162000 General expenses 26 500 Bank 39400 Rates 38200 Insurance 12400 Repairs 32000 Drawings 18500 Non-current assets at cost Premises 418000 Fittings 90000 Provision for depreciation of non-current assets Premises 42000 Fittings 71000 675000 675000 Additional information 1 At 31 August 2022, rent received of $8100 has been paid in advance. 2 At 31 August 2022, general expenses of $1300 have been paid in advance and rates of $3400 were owing. 3 The insurance includes $1800 paid for the 15 month period ending 30 November 2022. 4 Expenditure of $9000 for new fittings has been recorded in repairs. 5 Depreciation is to be provided as follows: Premises by equal instalments on cost each year over a 50 year period Fittings 20% per annum by the reducing balance method A full year's depreciation is charged on fittings during the year of purchase.