GHE The following information has been extracted from the books of Baba Led for the year to 31 December 2015 DR CR GHE Sales 3.250,000 Purchases 1.175.000 Administrative expenses 425.000 Interest paid 12.500 Share capital (ordinary shares of Ghet each) 500,000 Dividend 15.000 Cash at bank and in hand 22.500 Income tax (remaining balance from previous year) 25.000 Provision for doubtful debt 225,000 Distribution costs 600.000 Land at cost 275.000 Buildings At Cost 250,000 Accumulated depreciation (at 1 Jan 2015) 120,000 Plant and machinery At cost 312.500 Accumulated depreciation (at 1 Jan 2015) 187,500 Retained camnings (at 1 Jan 2015) 675,000 10% Loun note 200,000 Inventory (at 1 Jan 2015) 375.000 Trade receivables and Payables 1.820,000 150.000 5.307 500 5.307.500 Additional information 1. Inventory cost at 31 Dec 2015 was valued at G625,000 but this can be sold for GH750,000 with a related selling cost of G112,500. 2. The land was revalued to GH4375.000 at the end of the year. 3. Buildings are depreciated on a straight-line basis (assuming no residual value) at a rate 5% whiles Plant and machinery is depreciated using a reducing Balance Method at 20% 4. The depreciation charges for the year are to be apportioned as follows Cost of sales 30% Administrative expenses 40% Distribution costs 30% 5. Income taxes for the year are estimated to be GH 300.000 6. The year-end provision for doubtful debt is to be increased to GH 250,000. Provision for doubtful debts is charged to Distribution Cost. Required: Prepare the following financial statements of Baba Limited for publication in accordance with International Financial Reporting Standards (IFRS): ii. Statement of profit or loss and other comprehensive Income for the year ended 31 December 2015 Statement of changes in Equity for the year to 31 December 2015 Statement of financial position as 31 December 2015