International Financial Reporting Standards (IFRS) Question 1: The following trial balance was extracted from the books of ABC Inc on Dec 31st 2022: Account name Debit Credit Sales 12,050,000 Purchases returns 313,000 Accumulated depreciation - PPE 338,000 Accumulated depreciation - Vehicles 375,000 Unearned revenues 100,000 Trade payable 738,000 Bonds payable 250,000 Share capital ($ 1 par, authorized 3, 125,000 5,000,000 shares, issued and outstanding 3, 125,000) Preference shares ($100, 10%, 625,000 authorized, issued and outstanding 6,250 shares Shares premium - ordinary 350,000 Retained earnings 835,000 Mortgage payable 400,000 Beginning Inventory 825,000 Allowance for doubtful accounts 40,000 Purchases 6,263,000 Sales returns 350,000 Freight - in 13,000 Freight - out 125,000 Salaries (60% sales and 40% offices 800,000 Trading securities - cost 138,000 Investment in bonds - HTC 200,000 Land 100,000 Property, plants and equipment 1,562,000 Motor vehicles (sales department) 1, 125,000 Goodwill 1,062,000 Loss on sale of land 120,000 Distribution costs 290,000 Utilities - offices 86,000 Non-trading securities 400,000 Rent expense (30% sales and 70% 200,000 offices) Rental revenues 180,000 Trade receivables 3,700,000 Motor vehicle - depreciation expense 235,000 Patent 375,000 Cash 1,750,000 Total 19,719,000 19,719,000 Note information not taken into the trial balance data: 1. The goodwill suffered an impairment of 177,000 during the year 2. Interest on bonds payable is 138,000 3. Ending inventory was valued at 1, 125,000 at cost and 1,250,000 at NRV 4. Annual depreciation of PPE is 300,000 and of Vehicles 125,000. 5. Patent annual amortization is 75,000 6. 10% of the mortgage payable due next year 7. Land was revalued at 150,000 8. The company is subject to 30% income tax rate 9. The company uses fair value model for lands only Required: 1. Prepare statement of comprehensive income in accordance with IAS 1 2. Prepare statement of financial position in accordance with IAS 1