Basalt plc is a wholesaler. The following is its trial balance as at 31 December 20X0. Dr 000 Cr 000 Ordinary share capital: 1 shares 300 Share premium 20 General reserve 16 Retained earnings as at 1 January 20X0 55 Inventory as at 1 January 20X0 66 Sales 962 Purchases 500 Administrative costs 10 Distribution costs 6 Plant and machinery cost 220 Plant and machinery provision for depreciation 49 Returns outwards 25 Returns inwards 27 Carriage inwards 9 Warehouse wages 101 Salesmens salaries 64 Administrative wages and salaries 60 Hire of motor vehicles 19 Directors remuneration 30 Rent receivable 7 Trade receivables 326 Cash at bank 62 Trade payables 66 1,500 1,500 The following additional information is supplied: (i) Depreciate plant and machinery 20% on straight-line basis. (ii) Inventory 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 are required.