Please answer the question

1. Fashions Limited operates a chain of fashion shops. Approximately half of sales are on credit. Abbreviated and unaudited financial statements are as follows:

Fashions Limited Income statement for the year ended 31 December 2021 $000
Revenue	$12,080
Cost of sales	(6,282)
Gross profit	5,798
Labor cost	2,658
Depreciation	(625)
Other operating costs	(1,003)
Operating profit	1,512
Interest payable	(66)
Profit before tax	1,446
Taxation	(434)
Profit for the year	1,012

Fashions Limited Statement of financial position as at 31 December 2021
ASSETS			$000
Non-current assets			$2,728
Current assets
Inventories			1,583
Accounts receivables			996
Cash			26
			2,605
Total assets			5,333
EQUITY AND LIABILITIES
Equity
Ordinary shares			750
Share premium			250
Retained earnings			1,468
			2,468
Non-current liabilities
Borrowings secured loan notes (due in 2024)			300
Current liabilities
Accounts payables			1,118
Other payables			417
Tax			434
Borrowings overdraft			596
			2,565
Total equity and liabilities			5,333

Since the unaudited financial statements for Fashions Limited were prepared, the following information has become available:

1. An additional $74,000 of depreciation should have been charged on fixtures and fittings.

2. Invoices for credit sales on 31 December 2021 amounting to $34,000 have not been included; cost of sales is not affected.

3. Trade receivables totalling $21,000 are recognised as having gone bad, but they have not yet been written off.

4. Inventories which had been purchased for $2,000 have been damaged and are unsaleable. This is not reflected in the financial statements.

5. Fixtures and fittings to the value of $16,000 were delivered just before 31 December 2021, but these assets were not included in the financial statements and the purchase invoice had not been processed.

6. Wages for Saturday-only staff, amounting to $1,000, have not been paid for the final Saturday of the year. This is not reflected in the financial statements.

7. Tax is payable at 30 per cent of profit before taxation. Assume that it is payable shortly after the year-end.

Required

Prepare revised financial statements for Fashions Limited for the year ended 31 December 2021, incorporating the above-mentioned information.