The ledger balances of Outback Grande Ltd as at 30 June 2020 are shown below.

The following adjustments are yet to be taken into the accounts.

1. Inventory on hand at 30 June 2020 valued at $94 250.

2. Allowance for doubtful debts to be increased to $1625, which was the balance of the account on 1 July 2019.

3. It was discovered that $780 for office equipment had been charged in error to the purchases account on 1 July 2019.

4. Depreciation of delivery vehicles and office equipment for the current year to be at the rate of 20% p.a. on cost, and on buildings at 5% on cost.

5. Interest expense accrued, $325.

6. Unexpired insurance, $130.

7. Declare a dividend to shareholders of $22 750 for the current year.

8. Transfer $6500 to general reserve and reduce goodwill by $13 000 because of impairment.

Required

(a) Prepare the statement of profit or loss and other comprehensive income for the year ended 30 June 2020 in accordance with the requirements of IAS 1/AASB 101.

(b) Prepare the statement of financial position as at 30 June 2020 in accordance with the requirements of IAS 1/AASB 101.

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Accounts receivable Accounts payable Advertising expense Stationery expenses Share capital Bills receivable Bank overdraft Delivery vehicles (at cost) Directors' fees Discount allowed First call (25c per share) General expenses Goodwill (at cost) OUTBACK GRANDE LTD Trial Balance as at 30 June 2020 Debit $ 81250 4875 585 Credit $ 40700 325 000 6175 10650 30875 8125 3250 6500 5070 39 000