Builders warehouse has produced the following trial balance as at 31 Dec 2020.

	Debit ($) 000	Credit ($) 000
Capital - Share		75,000
Trade and other payables		15,340
Property, plant and equipment - cost	335,853
Accumulated Depreciation on PPE at 31 Dec 2020		38,755
Trade and other receivables	132,555
Accruals		5,608
8% Bank loan1		28,000
Cash at Bank	215,865
Retained earning 1 Nov 2019		32,755
Interest	5120
Revenue		575,382
Purchases	122,900
Distribution costs	12,800
Administrative expenses	10,554
Inventories as at 1 Jan 2021	18,945
Dividend paid	16,248
TOTAL	870,840	870,840

Additional Information

• The inventories at the close of business on 31 Dec 2020 were valued at $19,300,000, goods included in this total at a value of $ 2,425,000 were found to be damaged and were sold for $1,200,000.

• Land which is non-depreciable, is included in the trial balance at a value of $24,900,000 in the financial statements for the year ended 31 Dec 2020.It is to be revalued at $38,750,000 and this revaluation is to be included in the financial statements for the year ended 31 Dec 2020.

• The company paid $1,275,000 for one years insurance on 1 April 2020, this is due to expire on 31 Mar 2021. Insurance is included in administrative expenses.

• Distribution costs of $942,000 owing at 31 Dec 2020 are to be accrued.

• Interest on the bank loan for the last six months of the year has not been included in the accounts in the trial balance.

• The tax charge for the year has been calculated as $1,875,000

Required:

1. Prepare the statement of profit or loss and other comprehensive income for the year ended 31 Dec 2020. (9 marks)

Construct the statement of financial position for the year ended 31 December 2020. (16 marks