On 31 December 20X2 the accounting records of Rulers Co contained the following balances. $000 $1 ordinary shares 500 $1 10% irredeemable preference shares 100 Share premium 200 Retained earnings 1 January 20X2 455 Land 200 Plant and machinery cost 550 depreciation 1 January 20X2 250 Revenue 3,500 Cost of sales 2,100 Inventory 600 Receivables 550 Bank (debit balance) 340 Operating expenses 400 Management expenses 280 Selling expenses 220 10% Loan notes 100 Payables 200 Irrecoverable debts 13 Allowance for receivables 1 January 20X2 6 Interest received 7 Preference share dividend 10 Ordinary shares dividend paid 55 The following notes need additionally to be taken into account. (a) Bank charges $2,000 and a standing order receipt of $50,000 from a customer have been omitted. (b) The allowance for receivables required at the year-end is $5,000. (c) Loan note interest needs to be provided for. (d) The preference share dividend is paid in June each year. (e) The ordinary shares dividend of $55,000 was proposed in December 20X1 and paid in March 20X2. An ordinary dividend of 14c per share is proposed for payment in 20X3. (f) Depreciation on plant and machinery is to be allowed at 20% on the reducing balance method. 10% of this depreciation relates to general management and 5% to selling. (g) The land is to be revalued upwards by $30,000. (h) The charge for tax on the profit for the year was estimated to be $150,000. Required: Prepare a statement of profit or loss, a statement of changes in equity and a statement of financial position to comply with the requirements of IAS 1 Presentation of Financial Statements. (