Section A Answer question one Question 1 (60 marks) Ethical Limited Trial Balance December 31, 2023 Revenue Cost of sales Other operating income Administrative expenses Distribution costs Interest paid Ordinary dividends paid Cash and Bank Trade debtors Closing stock Trade creditors Property, plant and equipment Allowance for depreciation 8% Long term receivable Investment property (at valuation) 1/1/2023 Deferred tax payable 10% Long term loans Ordinary share capital General reserve Retained profits 1/1/2023 Corporation tax 'over-provision Debit $000 51,248 7,150 10,100 750 3,600 8,210 15,700 5,220 20,000 9,000 9,560 140,54 Credit $'000 90,520 8,600 1,780 5,500 585 10,000 18,000 2,000 3,525 30 140,540 Question | continued Additional information: Net dividend income of $1,500,000 is included in other operating income. The dividend income was received net of income tax. The income tax rate is 25%. Additional information not yet reflected in the accounts: L ek Investment property was valued at $9,800,000 on December 31, 2023. Corporation tax for the year to December 31, 2023, is estimated to be $10,440,000. The corporation tax is not yet reflected in the accounts. Corporation tax is charged at a rate of 33'A%. . Five million dollars principal ($5,000,00Q) is payable in respect of the long-term loans on June 30, 2024. Five milliondollars is paid on June 30 each year in respect of the long-term loans. All loan payments were made on time. . Three million dollars ($3,000,000), is'expected to be collected in respect of the long-term receivable 6n March 1, 2024. . Eight hundred thousand doliars ($800,000) should be transferred to general reserves. . Deferred taX%should be increased by $91,000. . Dividends amounting to $1,800,000 in respect of the 2023 financial year were declared by the board of directors on January 29, 2024. The 2023 financial statements were approved by the board of directors on March 25, 2024. The weighted average number of ordinary shares issued during 2024 amounted to 18,000,000. Required: a. Prepare the Statement of Comprehensive Income for the year ended December 31, 2023, in a form suitable for publication. Comparative figures are not required. (15 marks) . Prepare the Statement of Changes in Equity for the year ended December 31, 2023, in a form suitable for publication. Comparative figures are not required. (9 marks) . Prepare the Statement of Financial Position as at December 31, 2023, in a form suitable for publication. Comparative figures\"are not required. (25 marks) . Prepare the Taxation note for the Notes/to,the Financial Statements for the year ended December 31, 2023. Comparative figures are not required. (7 marks) . Prepare the earnings per Shar note for the Notes to the Financial Statements for the year ended December 31, 2023. Comparative figures are not requireds (4 marks)