Following is the trial balance of Dhofar Company for the year ended 31st  December 2020:        Account Debit Credit Owners Equity   48000 Accounts Receivable 17000   Accounts Payable   20000 Notes Payable   4000 Notes Receivable 22000   Bank 38000 4000 Salary expenses 24000   Rent 9000 3000 Insurance expenses 6000   Other Income   14000 Machinery 52000   Buildings 63000   Loan   38000 Sales   194000 Purchases 44000   Sales Return 5000   Purchase Return   24000 Opening Stock 69000   Total 349000 349000 Other information is given: Closing stock is 12000 OMR. Depreciation charges for Building is 10% and Machinery is 20% Required: Income statement as on 31.12.2020 Balance sheet as on 31.12.2020

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