02 Using the following financial data given, you are 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 in the format of functional style of presentation (ie, by functions of expenses) (c) Prepare a statement of financial position as at 31 December 20x1. (d) Prepare a statement of changes in equity for the year ended 31 December 20X1. The following trial balance was extracted from the books of Pounds Inc (a UK firm) on 31 December 20X1 E' 000 [ 000 12250 313 736 375 100 738 240 3,125 625 350 875 Sales Returns outwards Provision for depreciation Plant Vehicles Rent receivable Trade payable Debentures Issued share capital ordinary S1 shares Issued share capital preference shares (treated 83 equity) Share premium Retained eaminge Inventory Purchases Returns inwards Carriage inwards Carriage cutwards Sales people's salaries Administrative wages and salaries Land Plant (includes S362,000 acquired in 20X1) Motor vehicles Goodwill Distribution costs Administrative expenses Directors remuneration Trade receivables Cash at bank and in hand 825 6.263 350 13 125 800 738 100 1.560 1.125 1,002 290 206 375 4,075 1.740 19.727 19727 Note of information not taken into the trial balance data: (a) Provide for (i) An audit fee of 20,000 (ii) Depreciation of plant at 25% straight-line (iii) Depreciation of vehicles at 20% reducing balance (iv) The goodwill suffered an impairment in the year of 158,000 5 (V) Income tax of 548,000 (vi) Debenture interest of 24,000 ) (b) Closing inventory was valued at 1,115,000 at the lower of cost and net realizable value (c) Administrative expense was prepaid by 13,000 (dLand was to be revalued by 40,000