The following details are taken from the accounting records of Alaska Ltf at 30 June 2020:

Accounts	Debit	Credit
	$	$
Sales Revenue		882,680
Cost of sales	694,000
Selling expenses	82,000
Administrative and general expenses	51,000
Financial expenses (including borrowing cost of $7,000)	17,000
Dividend Revenues		10,000
Interest Revenues		1,320
Plant and machinery (cost)	150,000
Accumulated Depreciation-Plant and machinery		70,000
Freehold Land	40,000
Buildings (cost)	80,000
Accumulated Depreciation-Buildings		30,000
6% government bonds (face value $20,000)	22,000
Shares in other companies	75,000
Bank Loan (due 2023)		24,000
Accounts receivable	54,000
Allowance to doubtful debts		8,000
Inventories (at lower of cost and NRV)	46,000
Mortgage payable (secured over land and buildings)		16,000
Accounts payable		30,000
Goodwill	30,000
Share capital (120,000 ordinary shares issued for $2)		240,000
Contingencies reserve		16,000
Retained Earnings 1/7/2019	-	13,000
	1,341,000	1,341,000

The following items, not yet recorded, must be adjusted before completion of the company’s financial statements:

1. Depreciation to be recorded as follows: plant and machinery at 20% of cost; buildings at 5% of cost; Goodwill has not been impaired.
2. Income tax to be provided at 30% of profit before tax.
3. A dividend of 8c per share was declared.
4. Transfer $10,000 of the contingencies reserves back to retained earnings.

Required:

1. Prepare general journal entries to record the adjustments necessary.
2. Prepare the statement of comprehensive income for Alaska Ltd for the year ended 30 June 2020.
3. Prepare the statement of changes in equity for Alaska Ltd.
4. Prepare the statement of financial position for Alaska Ltd as at 30 June 2020.

Answer rating: 100% (QA)

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