Colby Co's income statement for the year ended 31 December 20X2 and statements of financial position at 31 December 20X1 and 31 December 20X2 were as follows.

COLBY CO INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 20X2 GHC'000 GHC'000 Sales 720 Raw materials consumed 70 Staff costs 94 Depreciation 118 Loss on disposal of non-current asset 18 (300) 420 Interest payable (28) Profit before tax 392 Taxation (124) Profit for the period 268

COLBY CO STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER