Q3 The following information is available for Company X's most recent financial year. Goods sold 2m Total operational expenses 1.5m (including depreciation but excluding finance costs) Interest of 4 per cent per annum payable on 2m corporate bond which is repayable in two years. Customers are given 30 days to pay after receiving goods. Consequential to this, 200,000 of the goods sold included in the above figure) had not been paid for at the year-end. Company X allocates operational expenses equally across the expense items in its profit or loss account (cost of sales, distribution costs and administration costs). The depreciation referred to above concerns machinery and equipment that was purchased for 200,000 three years before the end of Company X's most recent financial year. The company had previously agreed with their accountant that the annual rate of depreciation would be 10 per cent of the original purchase price, such that the machinery and equipment would be written off over 10 years. (a) Prepare Company X's Statement of Profit or Loss using the format that complies with international standards, stating any assumptions that you make. [4 marks] (b) State, for Company X, under which headings and sub-headings, and for what amounts, the following items would be included in the Company's Statement of Financial Position:- (i) Goods sold to customers that have yet to be paid for; (ii) Corporate bond; (iii) Value of machinery and equipment. [2 marks] [Total 6 marks]