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NUSPACE Ltd, a retailer for aerospace products, commenced operations on 1 July, 2020 by issuing 150 000 $2.00 shares, payable in full on application. There were no share issue costs. For the year ending 30 June 2021, the company recorded the following aggregate transactions: 7000 Other income 800 Cost of sales 3 800 Administration charges 360 Selling and distribution expenses 800 Employee entitlement expenses - (selling) Wages and salaries (selling) 350 Wages and salaries (admin) Doubtful debts expense Depreciation expense - to be calculated Interest expense Other borrowing expense Income tax expense 220 The following additional information was noted during the preparation of financial statements for the year ended 30 June 2021: 0 Inventory was measured at the lower of cost and net realisable value. 0 Buildings, plant and equipment were measured at cost. The benefits were expected to be received evenly over the useful life of the asset. 0 Financial assets held for trading are equity investments that are held for the purpose of selling and short-term profit taking. 0 Additional 30 000 $2.00 fully paid shares have been issued and fully paid on 1 April 2021. o A cash dividend of $50 000 (27.8 cents per share) was declared and paid during the 2021 financial year and a final dividend for 2021 of $55 000 was proposed but not recognised in the financial statements. 0 $150 000 of other loans are repayable within 1 year. The remaining amount is payable in full at the end of 2024. o The provision for employee benefits includes $55 000 payable within 1 year. c The warranty provision is in respect of a 12-month warranty given on certain goods sold. 0 The bank loan is for 10 years and repayable in full at the end of the term. The interest rate is 5% and it is secured over the land. o NUSPACE Ltd uses the single statement format for the statement of profit or loss and other comprehensive income and classifies expenses by function within the statement. 0 The following assets were purchased on 1 July 2020: Asset Cost (5) Useful life (years) Land 450 000 - Plant and equipment 3 000 000 5 Buildings 7 00 000 10 0 Land was revalued upward by $50 000 (assume zero income tax for this transaction). The valuation was conducted by the registered valuer, The Invaluable Pty Ltd. 0 Summarised account balances are provided below: Year-end balances, 30 June 2021 S'OOO Cash on hand Trade debtors 7 570 -n Other debtors Inventory Financial assets held for trading Land Buildings Plant and equipment Trade creditors Provision for employee benefits Warranty provision Current tax payable 320 Deferred tax liability 200 o NUSPACE Ltd transferred $100 000 out of retained earnings into general reserve. 0 Assume plant and equipment facilities are mainly used for selling and distribution activities and buildings are occupied and used by administrative staff. Required: For the year ending 30 JuneI 2021 (NOTE: comparative financial statements are not required), 1. Using the proforma table supplied in appendix B, prepare a preliminary trial balance for NUSPACE Ltd; (6 Marks) 2. Prepare a statement of comprehensive income for NUSPACE Ltd in accordance with the requirements of AASB 101. NUSPACE Ltd uses the single statement format for the statement of profit or loss and other comprehensive income and classifies expenses by function within the statement; (6 marks) 3. Prepare a statement of changes in equity for NUSPACE Ltd in accordance with the requirements of AASB 101; (6 marks) 4. Prepare a statement of financial position for NUSPACE Ltd in accordance with AASB 101. Use the currenton-current presentation format; [6 marks) APPENDIX B NUSPACE Ltd - Trial Balance as at 30 June 2021 DR CR $'000 $'000 Sale of goods Other income Cost of sales Administration charges Selling and distribution expenses Employee entitlement expenses - (selling) Depreciation expense plant and equipment - (selling and distribution) Depreciation expense building - (administration) Wages and salaries - (selling and distribution) Wages and salaries - (administration) Doubtful debts expense Interest expense Other borrowing expense Income tax expense Cash on hand Cash on deposit, at call Trade debtors Allowance for doubtful debts Other debtors Inventory Financial assets held for trading Land Building Accumulated depreciation - buildings Plant and equipment Accumulated depreciation - plant and equipment Patents Amortisation of patent Bank loans Other loans Trade creditors Provision for employee benefits Warranty provision Current tax payableDeferred tax liability Land revaluation reserve Share Capital Dividends paid Retained earnings, transfer to general reserve General reserve Totals