From the following trial balance you are required to prepare the statement of comprehensive income, statement of changes in equity and statement of financial position for Leisure Hotels Ltd. for the year ended 30 June Issued 7% preference share capital $1 each Issued ordinary share capital S1 cach 6% Debentures Share premium Buildings at cost Furniture at cost Equipment at cot Opening inventory Accumulated depreciation Furniture Equipment Director's remuneration Wages and salaries Motor expenses Rates and insurance Sales Purchases General expenses Advertising Audit fees Debenture interest paid Accounts receivables Accounts payables Bank Overdraft General reserve Dividend paid Retained profits as at the beginning of the year Debit $ Credit $ 70,000 150,000 250,000 50,000 550,000 70,000 60,000 10,000 25,000 20,000 50,000 252,000 15,000 12,000 590,000 158,900 20,000 32.000 10,000 2,100 13,000 27,000 15,000 30,000 5,000 33,000 1,260,000 1,260,000 Additional Information 1. Inventory counted and valued on 30 June amounted to $8,000. 2. Insurance includes $3,000 of cover that relates to the following year. 3. Wages owing at 30 June amounts to $5,000 4. A provision for bad debts is to be created at a level of 2% of debtors 5. It is the policy of the business to depreciate fumiture at 10% per annum using the straight-line method. Equipment is to be depreciated at 20 per cent. 6. Corporation tax of $3,500 is to be provided for 7. The directors have proposed the following: Preference dividends are to be provided for $5,000 is to be transferred to a general reserve 6. Transfer of $3,000 to a general reserve account. 8. The authorized share capital of the company is 100,000 preference shares and 250,000 ordinary shares both having a nominal value of $1. 9. At the year-end the company issued to a private investor 50,000 additional ordinary shares at a premium of $1.75, the company receiving the money in full. The company used $50,000 from the issue of shares to pay off part of the debenture loan. Neither of these transactions has been accounted for. Required a) Prepare a statement of comprehensive income for the year ended 30 June b) Prepare a statement of changes in equity for the year ended 30 June c) Prepare a statement of financial position as at 30 June