Draw up the income statement for Black Ltd for the year ended 31 December 2017 along with the statement of financial position as at31 December 2017, for internal use

Continuous Assessment 14- Black Ltd. The trial balance extracted from the books of Black Ltd at 31.12.17 was: Debit Credit '000 Ordinary shares of 1 each (Authorised SOnm 48,000 800 Share Premium Loan note (debenture) interest Retained earnings Revenue (Sales) Purchases Wages and salaries Office expenses Land and Buildings Cost Land and Buildings Accumulated depreciation at 1 Jan 2017 Plant & equipment: cost Plant & equipment Accumulated d Inventory at 1 Jan 2017 Account receivables and payables Bank 4% loan notes (debentures) (redeemable 2025) Dividend paid 80 4,744 324,000 240 216 288,000 69,120 40,000 epreciation at 1 Jan 2017 25,600 192 72 180 8,000 144 480,444 480,444 The following items are to be adjusted for in preparing financial statements for publication for the year ended 31 Dec 2017 Dus Accruals Prepayments '000 '000 (1) Accruals and prepayments were as follows: Wages and salaries Office expenses (2) The Corporation Tax liability for the year is estimated to be 130 125 25,400 95 115 . x &ooooo (4) The debentures were issued on 1 September 2015. ( t1'-abr. ) 425 (5) Closing inventory at 31 Dec 2017 is valued at 425,000. (6) Depreciation is to be provided as follows: Buildings Plant& equipment 5240 5760