The trial balance of Lax Ltd at 3 0 June 2 0 2 2 was as shown

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Question:

The trial balance of Lax Ltd at $30$ June $2022$ was as shown below. LAX LTD Trial Balance as at $30$ June $2022$ Debit Credit Share capital $($ ordinary shares issued at $ $2,$ fully paid $)$ $ $200 000$ General surplus $25 000$ Retained earnings $73 400$ Revaluation surplus $85 000$ Mortgage loan $($ secured over land and buildings $) 250 000$ Bank overdraft $($ at call $) 70 900 7 %$ debentures $80 000$ Interest payable $2 800$ Accounts payable $69 500$ Dividend payable $10 000$ Employee benefits payable $34 200$ GST payable $18 400$ Allowance for doubtful debts $12 800$ Accumulated depreciation $-$ plant and equipment $42 500$ Accumulated impairment losses $-$ goodwill $10 000$ Cash at bank $ $500$ Accounts receivable $67 800$ Inventory $87 700$ Prepaid insurance $7 000$ Plant and equipment $222 500$ Land $220 000$ Buildings $380 000$ Goodwill $50 000$ Government bonds $($ long $-$ term $) 35 000$ Shares in Carncotton Ltd $20 000$ Sales revenue $825 000$ Cost of sales $450 000$ General expenses $265 000$ Loss on sale of plant $10 000$ Interest received $2 500$ Dividends received $3 500$ $ $1 815 500$ $ $1 815 500$ Additional information

$1 .$ General expenses for the year include the following items.

Depreciation $-$ plant & equipment $ $17, 200$

Depreciation $-$ buildings $15, 000$

Employee benefits $11, 600$

Bad debts $10, 000$

Interest expense $28, 700$

Inventory losses $6, 200$

Discount allowed $4, 200$

Council rates $16, 120$

Superannuation contributions $7, 000$

$2 .$ The company tax rate is $30 %,$ to be applied to profit before tax.

$3 .$ The opening balance of the allowance for doubtful debts was $ $15 250 .$

$4 .$ All assets are carried at cost $,$ except for land and buildings, which are carried at fair value.

$5 .$ During the year, $50 000$ shares were issued at an issue price of $ $2$ each, payable in full on application.

$6 .$ On $30$ June $2022,$ 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.

$7 .$ The mortgage loan is repayable in annual instalments of $ $50 000$ starting on $1$ March.

$8 .$ The debentures are to be redeemed on $31$ March $2022 .$ There is no plan to refinance these debentures in the future.

$9 .$ The employee benefits payable consist of the following. Annual leav $ $18, 400$ Lomg $-$ service leave $15, 800$

$10 .$ No employee is eligible for long $-$ service leave until $2023 . 11 .$ Goodwill is not considered to be impaired.

$12 .$ During the year, Lax Ltd sold an item of plant for $ $38 000 .$ The carrying amount of the plant at the date of sale was $ $48 000 .$

$13 .$ 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:

This question has two parts $-$ answer parts $($ a $)$ and $($ b $)$ below by entering your answers into the templates provided.

$($ a $)$ Prepare a Statement of Profit or Loss and Other Comprehensive Income for Lax Ltd for the year ended $30$ June $2022,$ according to the requirements of IAS $1 /$ AASB $101 .$