Formatone plc produced the following trial balance as at 30 June 20X6: 000 000 Land at cost 2,160.0 Buildings at cost 1,080.0 Plant and equipment at cost 1,728.0 Intangible assets 810.0 Accum. depreciation 30.6.20X5 Buildings 432.0 Plant and equipment 504.0 Interim dividend paid 108.0 Receivables and payables 585.0 532.8 Cash and bank balance 41.4 Inventory as at 30.6.20X6 586.8 Taxation 14.4 Deferred tax 37.8 Distribution cost 529.2 Administrative expenses 946.8 Retained earnings b/f 891.0 Sales revenue 9,480.6 Cost of sales 5,909.4 Ordinary shares of 50p each 2,160.0 Share premium account 432.0 14,484.6 14,484.6 The following information is available: (i) A revaluation of the Land and Buildings on 1 July 20X5 resulted in an increase of 3,240,000 in the Land and 972,000 in the Buildings. This has not yet been recorded in the books. (ii) Depreciation: Plant and Equipment are depreciated at 10% using the reducing balance method. Intangible assets are to be written down by 540,000. Buildings have an estimated life of 30 years from date of the revaluation. (iii) Taxation The current tax is estimated at 169,200. There had been an overprovision in the previous year. Deferred tax is to be increased by 27,000. (iv) Capital 150,000 shares were issued and recorded on 1 July 20X5 for 80p each. A further dividend of 5p per share has been declared on 30 June 20X6. M03 Financial Accounting and Repor 55996.indd 61 23/04/2019 12:02 62 Preparation of internal and published financial statements Required: Prepare for the year ended 30 June 20X6 the statement of comprehensive income, statement of changes in equity and statement of financial position