The following list of balances was extracted from the books of Natural Food Fair, PLC on...

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The following list of balances was extracted from the books of Natural Food Fair, PLC on 2016 December 31. $ 2 640 300 Revenue Administrative Expenses Distribution Costs Interest paid on loan Purchases Inventories at 2016 January 1 Trade receivables Provision for doubtful debts at 2016 January Bad debts Non-current Investment Notes i. 220 180 216 320 10 000 2 089 600 318 500 415 800 10 074 8 900 20 000 Provide for administrative expenses of $12 200 paid in advance at 2016 December 31, and distribution costs of $21 300 owing at 2016 December 31. ii. Provision for doubtful debts is to be maintained at 3% of receivables. adm iii. Inventories at 2016 December 31 were valued at $340 600. Selling as iv. Provide for corporation tax of $45 000 which is payable on 2017 October 1. V. Loan interest accrued $10 000. Required: A. Prepare, for presentation to the shareholders, a published income statement for the year ended 2016 December 31. (14 marks) B. Provide working notes. (6 marks) (Total 20 marks) The following list of balances was extracted from the books of Natural Food Fair, PLC on 2016 December 31. $ 2 640 300 Revenue Administrative Expenses Distribution Costs Interest paid on loan Purchases Inventories at 2016 January 1 Trade receivables Provision for doubtful debts at 2016 January Bad debts Non-current Investment Notes i. 220 180 216 320 10 000 2 089 600 318 500 415 800 10 074 8 900 20 000 Provide for administrative expenses of $12 200 paid in advance at 2016 December 31, and distribution costs of $21 300 owing at 2016 December 31. ii. Provision for doubtful debts is to be maintained at 3% of receivables. adm iii. Inventories at 2016 December 31 were valued at $340 600. Selling as iv. Provide for corporation tax of $45 000 which is payable on 2017 October 1. V. Loan interest accrued $10 000. Required: A. Prepare, for presentation to the shareholders, a published income statement for the year ended 2016 December 31. (14 marks) B. Provide working notes. (6 marks) (Total 20 marks)