Question 1 105) Wonder Limited (WL.) is engaged in the manufacturing and sale of textile machinery Following ate the deall extracts of the statement of financial positive and the statement of peolit or loss for the year ended 30 June 2015 Statement of Financial Position 2015 2014 Sm Sm 45 Property, plant and equipment 189 130 Retained earnings 166 108 Deferred tax liability 27 Statement of profit or loss 2015 2014 Sm Sm Profit before tation 90 120 Taxation 32 Profit after tation 58 78 Following additional information has not been taken into account in the preparation of the above financial statements Cost of repairs amounting to $20 million was erroneously dcited to the machinery mocount on October 2013. The estimated useful life of the machine is 10 years On July 2014, WL reviewed the estimated useful life of its plant and revised it from years to years. The plant was purchased on 1 July 2013 at a cost of 570 Depreciation is provided under the straight-line method. Applicable tax rate is 30% Requirements Prepare relevant extracts (including comparative figures) for the year caded 30 June 2015 related to the following Statement of financial position Statement of profit or loss Statement of changes in equity Question 1 105) Wonder Limited (WL.) is engaged in the manufacturing and sale of textile machinery Following ate the deall extracts of the statement of financial positive and the statement of peolit or loss for the year ended 30 June 2015 Statement of Financial Position 2015 2014 Sm Sm 45 Property, plant and equipment 189 130 Retained earnings 166 108 Deferred tax liability 27 Statement of profit or loss 2015 2014 Sm Sm Profit before tation 90 120 Taxation 32 Profit after tation 58 78 Following additional information has not been taken into account in the preparation of the above financial statements Cost of repairs amounting to $20 million was erroneously dcited to the machinery mocount on October 2013. The estimated useful life of the machine is 10 years On July 2014, WL reviewed the estimated useful life of its plant and revised it from years to years. The plant was purchased on 1 July 2013 at a cost of 570 Depreciation is provided under the straight-line method. Applicable tax rate is 30% Requirements Prepare relevant extracts (including comparative figures) for the year caded 30 June 2015 related to the following Statement of financial position Statement of profit or loss Statement of changes in equity