Basalt plc is a wholesaler. The following is its trial balance as at 31 December 20X0.

The following additional information is supplied:
(i) Depreciate plant and machinery 20% on straight-line basis.
(ii) Inventor y at 31 December 20X0 is £90,000.
(iii) Accrue auditors€™ remuneration £2,000.
(iv) Income tax for the year will be £58,000 payable October 20X1.
(v) It is estimated that 7/11 of the plant and machinery is used in connection with distribution, with the remainder for administration. The motor vehicle costs should be allocated to distribution.

Required:
Prepare a statement of income and statement of financial position in a form that complies with IAS 1. No notes to the accounts arerequired.

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£000 E000 Ordinary share capital: £l shares Retained earnings as at Inventory as at January 20X0 500 Administrative costs Plant and machinery cost 220 n for depreciation 25 Salesmen's salaries Administrative wages and salaries Hire of motor vehicles Rent receivable 7 1,500 1,500