ABC-Statement of financial position as at 31 December 200X Non-current assets Cost less depreciation 2,200 Current assets Inventory 400 Receivables 500 Cash 100 1,000 3,200 Equity Ordinary shares (P1 par) 1,000 Retained earnings 800 Non-current liabilities 10% bond 600 Preferred shares (10%) (P1 par) 200 Current liabilities Payables 400 Income tax 200 600 3,200 Revenue 3,000 ABC-Statement of profit or loss for the year ended 31 December 200X Cost of sales (2,400) Gross profit 600 Operating expenses (200) Profit before interest and tax 400 Interest (60) Profit before tax 340 Income tax (180) Profit after tax 160 Dividends: Ordinary 125 Preference 20 Current quoted price of P1 ordinary shares ABC P1.40