Please dont rush, need it to be clear and correct.

7. The following balances were obtained from the books of The Hartland Ltd as at December 31, 2015: DETAILS Premises 10% Mortgage Retained earnings Goodwill Debtors Creditors General reserves Management fees Ordinary shares @ $0.50 5% Preference shares @ $1 Share premium Motor vehicle Prov. for depreciation on motor vehicle 10% Debenture Mortgage interest Debenture interest Cost of sales Closing stock Insurance Wages & salaries Interim ordinary shares dividend Bank Sales Commission received Notes: DR 800,000 Admin Required: Prepare the following: i. Statement of profit and loss ii. Statement of changes in equity iii. Statement of financial position Show appropriate workings and disclosures 40,000 100,000 110,000 50% 70% 80% 50% 30,000 80,000 7,000 5,000 750,000 80,000 20,000 60,000 2,000 f. The following items of expense should be apportioned: 2,084,000 CR Sell & Dist. 50% 30% 20% 50% 250,000 a. Provide for depreciation on motor vehicle at 5% on the reducing balance b. Insurance is prepaid by $4,000 while wages and salaries is owing by $20,000 c. The goodwill should be written down by 25% d. Transfer $25,000 from profits to the general reserves e. Corporation tax is estimated at $30,000 65,000 30,000 200,000 200,000 50,000 12,000 120,000 53,000 1,100,000 4,000 2,084,000 Insurance Wages & salaries Management fees Depreciation charges g. Prior to the end of the year the directors approved the following: i. preference share dividends is to be accounted for in full ii. a new issue of 100,000 ordinary shares with par of $0.50 per share; amount collected was $75,000 2