Task 03 – Learning Aim C – Financial Report You need to follow a formal tone of language. Formal report formatting – Accepted fonts/ size/ alignment/ coherence/ References – HRS – in-text citations and a reference list/ page 1. An explanation of the purpose and the main components for sole traders of: • Statements of comprehensive income • Statements of financial position 2. Using the financial data from the sole trader, you must prepare an accurate: • Statement of comprehensive income • Statement of financial position These must be professionally accepted and in a vertical format. The format is given below. For both above statements, you need to adjust for:  Depreciation  Prepayments  Accruals  Changes in capital Question: Your supervisor has asked you to prepare the year-end financial statements for one of their clients who is the sole proprietor. From the Trial Balance given below, you must prepare and produce financial statements for the year ended December 2022, taking into consideration principles, conventions, and standards and adjust as necessary. A list of accounts of the sole proprietor for the year ending December 2022 is given below: (Amounts in $)