Only prepare a Statement of changes in equity. PLEASE USE THE FORMAT GIVEN AT THE BOTTOM.

PLEASE USE THIS FORMAT. Explain how you found Bal b/d for # of shares.

7. The following balances were obtained from the books of The Hartland Ltd as at December 31,2015 : Notes: a. Provide for depreciation on motor vehicle at 5% on the reducing balance b. Insurance is prepaid by $4,000 while wages and salaries is owing by $20,000 c. The goodwill should be written down by 25% d. Transfer $25,000 from profits to the general reserves e. Corporation tax is estimated at $30,000 f. The following items of expense should be apportioned: g. Prior to the end of the year the directors approved the following: i. preference share dividends is to be accounted for in full ii. a new issue of 100,000 ordinary shares with par of $0.50 per share; amount collected was $75,000 Required: Prepare the following: i. Statement of profit and loss ii. Statement of changes in equity iii. Statement of financial position Show appropriate workings and disclosures STATEMENT OF CHANGES IN EQUITY