Building Plant and machinery Research and development Reducing Balance Cost 2 10 Reducing Balance 20 8....

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Building Plant and machinery Research and development Reducing Balance Cost 2 10 Reducing Balance 20 8. On 1 January 2017, Mantra Co. borrowed $12 million for the construction of a building that is estimated cost $30 million and is expected to be completed in 2019. Only $5 milion was utilised during the year and the balance of $7 million was invested temporarily in a fixed deposit which yielded an interest of 5% per annum. Total interest on the borrowing of $12 million for the year 2017 was $0.84 million and has neither been paid nor recorded Required: (a) Prepare the statement of comprehensive Income for the year ended 31 December 2017. (b) Prepare the statement of financial position for the year ended 31 December 2017. Building Plant and machinery Research and development Reducing Balance Cost 2 10 Reducing Balance 20 8. On 1 January 2017, Mantra Co. borrowed $12 million for the construction of a building that is estimated cost $30 million and is expected to be completed in 2019. Only $5 milion was utilised during the year and the balance of $7 million was invested temporarily in a fixed deposit which yielded an interest of 5% per annum. Total interest on the borrowing of $12 million for the year 2017 was $0.84 million and has neither been paid nor recorded Required: (a) Prepare the statement of comprehensive Income for the year ended 31 December 2017. (b) Prepare the statement of financial position for the year ended 31 December 2017.