The trial balance of Le Max Ltd at 30 June 2019 was as shown below.

	LE MAX LTD Trial Balance as at 30 June 2019
		Debit			Credit
	Share capital (ordinary shares issued at $2, fully paid) General surplus Retained earnings Revaluation surplus Mortgage loan (secured over land and buildings) Bank overdraft (at call) 7% debentures Interest payable Accounts payable Dividend payable Employee benefits payable GST payable Allowance for doubtful debts Accumulated depreciation – plant and equipment Accumulated impairment losses – goodwill Cash at bank Accounts receivable Inventory Prepaid insurance Plant and equipment Land Buildings Goodwill Government bonds (long-term) Shares in Carncotton Ltd Sales revenue Cost of sales General expenses Loss on sale of plant Interest received Dividends received	$	500 67 800 87 700 7 000 222 500 220 000 380 000 50 000 35 000 20 000 450 000 265 000 10 000		$	200 000 25 000 73 400 85 000 250 000 70 900 80 000 2 800 69 500 10 000 34 200 18 400 12 800 42 500 10 000 825 000 2 500       3 500
		$	1 815 500		$	1 815 500

Additional information

(a) General expenses for the year include the following items:

Depreciation – plant and equipment Depreciation – buildings Employee benefits Bad debts Interest expense Inventory losses Discount allowed Council rates Superannuation contributions

$17 200 15 000 11 600 10 000 28 700 6 200 4 200 16 120 7 000

(b) The company tax rate is 30%, to be applied to profit before tax.

(c) The opening balance of the allowance for doubtful debts was $15 250.

(d) All assets are carried at cost, except for land and buildings, which are carried at fair value.

(e) During the year, 50 000 shares were issued at an issue price of $2 each, payable in full on application.

(f)  On 30 June 2019, the directors revalued land and buildings based on fair values. The carrying amounts of land and buildings before the revaluation were $195 000 and $350 000 respectively.

(g) The mortgage loan is repayable in annual instalments of $50 000 starting on 1 March.

(h) The debentures are to be redeemed on 31 March 2020. There is no plan to refinance these debentures in the future.

(i)  The employee benefits payable consist of:

Annual leave Long-service leave

$18 400 15 800

(j)  No employee is eligible for long-service leave until 2023.

(k) Goodwill is not considered to be impaired.

(l)  During the year, Le Max Ltd sold an item of plant for $38 000. The carrying amount of the plant at the date of sale was $48 000.

(m)       During the year, an interim dividend of $20 000 was paid, and a final dividend of $10 000 was declared. $25 000 was also transferred to the general reserve.

Required

A. Prepare a statement of profit or loss and other comprehensive income for Le Max Ltd for the year ended 30 June 2019, according to the requirements of IAS 1/AASB 101.

B. Prepare a statement of financial position at 30 June 2019 to comply with IAS 1/AASB 101.

C. Prepare the Retained Earnings account for the year ended 30 June 2019.