Question 1 The following trial balance is for 31st December 20X1 EUR '000 EUR '000 Sales 12,050 Returns outward 325 Provision for depreciation (as at 1.1.X1) - Plant 738 Provision for depreciation (as at 1.1.X1) - Delivery vehicles 450 Rent receivable 100 Trade payables 738 Debentures 250 Issued share capital - ordinary EUR1 shares 3,125 Issued share capital - preference shares (treated as equity) 625 Share premium 350 Retained earnings (as at 1.1.X1) 875 Inventory (as at 1.1.X1) 825 Purchases 6,263 Returns inward 350 Carriage inward 13 Carriage outward 125 Salesman salaries 800 Administration wages and salaries 738 Land 200 Plant 2,100 Delivery vehicles 1,125 Goodwill 1,062 Distribution costs 290 Administration expenses 286 Directors' remuneration 375 Trade receivables 3,875 Cash at bank and in hand 1,199 19,626 19,626 Notes on the trial balance a) Provide for: 1 An audit fee of 38,000 euros 38 2 Depreciation of plant at 20% straight line (treat as cost of sales) 0.2 3 Depreciation of delivery vehicles at 25% reducing balance 0.25 4 The goodwill suffered an impairment in the year of 200,000 euros 200 5 Income tax of 562,000 euros 562 6 Debenture interest of 25,000 euros 25 b) Closing inventory was valued at 1,125,000 euros valued at the lower of cost and net realisable value 1125 c) Administration expenses were prepaid by 12,000 euros 12 d) Land was revalued from 200k to 250k euros (tip - SOCI) 50 Required: Prepare a statement of comprehensive income and a statement of financial position in a form that complies with IAS1.