The trial balance for LPO at 31 December 2013 was as follows:

Notes:
(i) Closing inventory at 31 December 2013 was $562,000.
(ii) On 31 December 2013, LPO disposed of some obsolete plant and equipment for $3,000. The plant and equipment had originally cost $46,000 and had a carrying value of $5,000. The purchaser has not yet paid for the plant and equipment and LPO has not made any entries in its financial records for this disposal.
(iii) The income tax due for the year ended 31 December 2013 is estimated at $160,000. The deferred tax provision is to be increased by $31,000.
(iv) Depreciation is charged on buildings using the straight line method at 3% per annum. The cost of land included in land and buildings is $900,000. Buildings depreciation is treated as an administrative expense.
(v) Plant and equipment is depreciated using the reducing balance method at 30%. Depreciation of plant and equipment is regarded as a cost of sales.
(vi) At 31 December 2013, LPO had a construction contract in progress:
Contract length ........................................................................ 3 years
Date commenced ............................................................ 1 January 2013
Fixed contract price ............................................................... $5,500,000
Contract detail for year ended 31 December 2013: .................................. $000
Construction contract work in progress ............................................... 1,875
Estimated cost to complete ............................................................ 2,700
Cash received on account from construction contract client during the year ... 2,000
LPO uses the cost of work completed as a proportion of total cost to recognize attributable profit for the year.
(vii) On 1 February 2014, LPO was informed that one of its customers, ZZ, had ceased trading. The liquidators advised LPO that it was very unlikely to receive payment of any of the $36,000 due from ZZ at 31 January 2014.
(viii) On 1 July 2013 one of LPO's customers started litigation against LPO, claiming damages of $30,000. LPO has been advised that the claim will probably succeed.
(ix) On 1 July 2013 LPO issued 50,000 new equity shares at a premium of 20%. All cash was received and is included in the trial balance.
(x) During the year LPO paid a final dividend of $240,000 in respect of the year ended 31 December 2012. This was in addition to the interim dividend paid on 31 July 2013 for the year ended 31 December 2013.
(xi) The long-term loans incur interest at 6% a year and this was not paid until 6 January 2014.
Required:
Prepare LPO's statement of profit or loss and other comprehensive income and statement of changes in equity for the year to 31 December 2013 AND the statement of financial position at that date in accordance with the requirements of International Financial Reporting Standards.
Notes to the financial statements are not required, but all workings must be clearly shown.
Do not prepare a statement of accounting policies.

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Notes $000 $000 Long-term loans (repayable 2020) Administrative expenses (xi) 900 455 Cash received from construction contract client (vi) 2,000 Cash and cash equivalents Construction contract work in progress 215 (vi) 1,875 230 Distribution costs Equity dividend paid Inventory purchases Inventory at I January 2013 Land and buildings at cost Equity shares $1 each, fully paid at 31 December 2013 Plant and equipment at cost (x) 360 1,425 (1) (iv) (ix) (i) (ii) (iv) 420 2,500 1,500 1,055 Provision for deferred tax 200 Provision for buildings depreciation at I January 2013 225 Provision for plant and equipment depreciation at I January 2013 400 Retained earnings at I January 2013 370 Sales revenue 3,010 (bx) Share premium at 31 December 2013 Trade payables Trade receivables 250 145 (vii) 330 Short-term investments 135 9,000 9,000