Question 1 The financiat year end for Specter timited is 31 March 2022. The first draft of the financial statements were prepared on 1 April 2022. The final draft of the financial statements are to be presented on 31May2022 however more information has been presented to seents. See trial balance used to prepare may require odjustments to the finandal stalew: the first draft of the financial statements following information was obtained after the trial balance above was created: 1) Transfer General reserves $200,0,0 2) On March 31, 2022 there was a revaluation on the Land to $12 million. This information is not yet reflected in the accounts. Auditors fees for March 2022 Finand Statements is estimated to be $120,000. Auditors fees should be classified under Administrative Costs Q) Corporation Tax was calculated by the tax auditors to be $200,000 for the year ended 31 March 2022. This amount is unpaid. 5) The terms of the Employee Loan stown in the trial balance are as follows: Interest fee loan of $2,000,000g en to employee on 1 April 2019. Loan payment of $500,000 due 1 April each year 6) At 1 April 2021, the number of ordinary shares in issue was 6 million. On September 30,2021 , there was an istue of 1 mallion ordinary shares at the issue price of $3.20 per share. This transtion is not reflected in the trial balance. 7) Inflation has negatively affected the custemers of company. Consultants advised Specter Limited it should have the provision for bad debt retlect 5% of the Trade Oebtors. This update to the proviph for bad debt is not yet reflected in the accounts. Aementur1202212027 8) There is no interest accrual brought forward from prior year ended 31 March 2021. 9) Dividends paid on 31 March 2022 for ordinary shares was $250,000 and preference shares were $400,000. This payment is not yet reflected in the accounts 10) Weighted average number of ordinary shares for the year is 6,200,000 shares Required: a) Prepare the Income Statement for the year ended 31 March 2022 (15 marks) b) Prepare the Statement of Changes in Equity for the year ended the 31 March 2022 (15 marks) c) Prepare the Statement of Financial Position as at 31 March 2022 (20 marks)