The following trial balance was extracted from the books of Old NV on 31 December 20X1.

Note of information not taken into the trial balance data:
(a) Provide for:
(i) An audit fee of €38,000.
(ii) Depreciation of plant at 20% straight-line.
(iii) Depreciation of vehicles at 25% reducing balance.
(iv) The goodwill suffered an impairment in the year of €177,000.
(v) Income tax of €562,000.
(vi) Debenture interest of €25,000.
(b) Closing inventory was valued at €1,125,000 at the lower of cost and net realisable value.
(c) Administrative expenses were prepaid by €12,000.
(d) Land was to be revalued by €50,000.
Required:
(a) Prepare a statement of income for internal use for the year ended 31 December 20X1.
(b) Prepare a statement of comprehensive income for the year ended 31 December 20X1 and a statement of financial position as at that date in Format 1 style of presentation.

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€000 €000 Sales 12,050 Returns outwards 313 Provision for depreciation Plant 738 Vehicles 375 Rent receivable 100 Trade payables 738 Debentures 250 Issued share capital - ordinary €l shares Issued share capital – preference shares (treated as equity) Share premium Retained earnings Inventory Purchases 3,125 625 350 875 825 6,263 Returns inwards 350 Carriage inwards Carriage outwards 13 125 Salesmen's salaries 800 Administrative wages and salaries 738 Land 100 Plant (includes €362,000 acquired in 20XI) 1,562 1,125 Motor vehicles Goodwill 1,062 Distribution costs 290 Administrative expenses 286 Directors' remuneration 375 Trade receivables 3,875 1,750 Cash at bank and in hand 19,539 19,539