QUEENSCLIFF SPORTS LTD COMPARATIVE BALANCE SHEET As at 30 June 1998 1999 $ Assets Current Cash 200 000 264 000 Short term deposits 40 000 378 000 Inventory 650 000 720 000 Accounts receivable 820 000 1060 000 Prepaid expenses 8 000 6 000 Total 1 718 000 2 428 000 Non-current Plant and equipment 850 000 920 000 Less accumulated depreciation 600 000 539 000 250 000 381 000 Land and buildings 1 210 000 850 000 Debentures in Grove Ltd 230 000 230 000 1 690 000 1 461 000 Total assets 3 408 000 3 889 000 Liabilities Current Accounts payable 584 000 490 000 Accrued wages 12 000 4 000 Provision for income tax payable 62 000 78 000 Provision for final dividend 60 000 108 000 718 000 680 000 Net assets 2 690 000 3 209 000 Shareholders' equity Paid-up capital 2 500 000 3 000 000 Retained earnings 150 000 179 000 Share premium reserve 40 000 30 000 2 690 000 3 209 000 Additional information: All sales and purchases were on credit. A bonus share issue of $10000 was made using the share premium reserve. During the year, income tax of $62000 was paid. . . Land and buildings sold during the year for $400000. Dividend payments made during the year were: a final dividend for 1998 of $60000 and an interim dividend in 1999 of $40000. During the year, plant and equipment costing $350000 with a carrying amount of $200 000 was sold for $180 000. All purchases of non-current assets during the year were for cash