1. On 1st January, 2017KO& FI Inc. revalued its property to LS480million, of which LS120million relates to the land. The property's original cost on 1st January, 2017 of L\$400million included L\$100million for the land. The building had an estimated life of 40 years when it was acquired and this has not changed as a result of the revaluation. Depreciation is charged on a straight line basis. The revaluation has not yet been recorded in the books. KO \& FI Inc. has a policy of transferring any excess depreciation to retained earnings. 2. During the year, KO \& FI Inc. sold a plant with accumulated depreciation of LS14.4million and cost L\$40million for LS24million and the sale proceeds have been credited to administrative expenses. No other entries have been made relating to the disposal. Plant and equipment is to be depreciated on the reducing balance basis at a rate of 20% per annum. KO \& FI Inc. charges a full year's depreciation in the year of acquisition and none in the year of disposal. The Legend software is being amortized on the straight line basis at a rate of 20% per annum. 3. The balance on the unearned premium liability for the year ended 31 December 2017 was L\$15.4million 4. The financial assets at fair value through profit or loss are held in a fund whose value changes directly in proportion to a specified market index. At 1 January 2017 the relevant index was 100 and at 31 December 2017 it was 129.6. 5. A provision for current income tax for the year ended 31 December 2017 of L\$35.6 million is required. The balance on the current tax represent under/over provision of the tax liability for the year ended 31 December 2013. At 31 December 2017, the total taxable temporary difference amounted to L\$15million 6. The contingency reserves for the year is computed as an amount not less than 3 per centum of the total premium or 20 per centum of the net profits (whichever is greater) Required: i. Prepare a statement of profit or loss and other comprehensive income for the year ended 31 December, 2017 ii. Prepare a statement of changes in equity for the year ended 31 December, 2017 iii. Prepare a statement of financial position as at 31 December, 2017