1,824 20 12 Massey Limited is a retailer in Hong Kong. The following is its trial balance as at 31 December 20X0: Dr Cr S000 9000 Sales Purchases 1,000 Administrative costs Delivery expense Plant and machinery - cost 440 Plant and machinery - accumulated depreciation Land 2.000 Revaluation reserve-land Purchases returns Sales return and allowance Transportation in / Carriage inwards Warehouse wages Salespeople's salaries Administrative wages and salaries Motor vehicles expenses Directors' remuneration Ordinary share capital (2,640,000 shares issued and fully paid) 2,640 General reserve Retained earnings as at 1 January 20X0 Inventory as at 1 January 20X0 Rental income Trade receivables Cash at bank Trade payables Additional relevant information: i Depreciate plant and machinery at 20% on a straight-line basis. No residual value for the plant and machinery. ii Inventory at 31 December 20X0 is $180,000. iii Auditors' remuneration of $4,000 should be provided for. iv Profits tax for the year will be $12,000, payable in October 20X1. V It is estimated that 60% of the plant and machinery is used in connection with distribution, with the remainder for administration. The motor vehicle expense should be allocated to distribution. vi Land is revalued to be $3,000,000 at 31 December 20X0 and is not subject to depreciation. Required: Prepare a statement of profit or loss and other comprehensive income for the year ended 31 December 20X0 and a statement of financial position as at 31 December 20X0 according to HKAS 1. You should classify expenses by function. Show your workings clearly