ILLUSTRATION 5.1 BUTAINE Nig limited extracted the following trial balance from its ledgers as 31 December 2016. DEBIT(N'000) CREDIT(N'000) Cash at bank 25,000 Inventory at 1jan. 2016 600,000 Administrative expenses 551,500 Distribution cost 162,500 Non-current assets at cost: Building 2,500,000 Plant and equipment 350,000 Motor vehicles 80,000 Suspense 375,000 Accumulated depreciation Buildings 1,000,000 Plant and machinery Motor vehicles Retained earnings 120,000 300,000 140,000 Trade receivables 219,000 Purchases 1,050,000 Dividend paid 50,000 Revenue Tax payable 2,938,000 347,500 Trade payables 262,500 125,000 250,000 Share premium Ordinary share at N1 each The following additional information is relevant: I. Inventory as at 31 December 2016 was valued at N400,000000. While carrying out the inventory taking exercise, an error in the previous year inventory count was discovered. The inventory brought forward at beginning of the year has been N550m and not N600m as above. II. No dividend is being proposed III. 250 million ordinary shares were issued at N1.50 on 1 December 2016. The proceeds have been left in suspense account. IV Income tax for the year is N162,500,000. You are required to prepare: (a) Statement of profit or loss and other comprehensive income for the year ended 31 December 2016