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Advance information - Issue 1 Revaluation of Land Included in the balance for PPE is a plot of land. The land has been revalued at

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Advance information - Issue 1 Revaluation of Land Included in the balance for PPE is a plot of land. The land has been revalued at 31 December 2020 to $30 million. The directors have decided to include this revaluation of land in the statement of financial position but I have not put through the journal entries to recognise the revaluation. + H Additional information The cost of the land included in the PPE on the statement of financial position at 31 December 2020 is $20 million. In the tax jurisdiction where Metalwise operates, gains on land are taxed when the land is sold in the future period.Draft summary statement of comprehensive income for the year ended 31 December 2020- 6000 Revenue Ltttt 617,000 Cost of sales (450,000) Gross profit 167,0004 Operating expenses See Exhibit 3- (120,761)- Operating profit 46,239- Finance costs (6,500)- Profit before tax tttt 39,739- Income tax expense (To be completed) Profit for the year 39,739- Other comprehensive income (To be completed) Total comprehensive income - 39,73940 Draft statement of financial position as at 31 December 2020- ASSETS Non-current assets LLLL Property, plant and equipment (Exhibit 3 Issue 1)- 100,000 Intangible 10,0004 Investment (Exhibit 3 Issue 2) 8,000 118,000 Current assets Inventories- 93,062-0 Trade receivables 35,035- Financial asset - Cash and cash equivalents tuttt 8,322- 136,469 0 Total assets 254,469 4 EQUITY AND LIABILITIES Share capital and share premium 100,0004 Retained earnings Ltt 65,339 4 Other reserves ~ 165,33934 Long-term liabilities tutt Long-term bank borrowings 35,010- Deferred tax - Balance at 1 January 2020 (Exhibit 3 Issue 3)- 16,000- 51,010 Current liabilities LL Trade and other payables 38,020-4 Current tax payable (Exhibit 3 Issue 3)- 38,12040 Total equity and liabilities- 254,4690

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