Question No 4: Statement of Financial Position (SOFP) and Statement of Comprehensive income (SOCI) (25 marks) You have been provided the following two statements, Statement of Financial Position (SOFP) and Statement of Comprehensive Income (SOCI) of SHL for the year ending 31 March 2022 and additional information that have been prepared by a temporary Accounts trainee, Rose. The financial statements are as follows: Smart Homes Ltd (SHL) Statement of Financial Position as of 31 March 2022 As of 31 December, ($000) Assets Non-Current Assets (See below) 16,000 Accounts receivables 9,530 Cash in the bank 3,450 Inventory 8,400 Other current assets 3,910 Total assets 41,290 Liabilities Long term loan Accounts Payable Accrued Salaries Other current liabilities Total liabilities 9,300 9,200 1,950 3,380 23,830 Net assets 17,460 Shareholders' equity Contributed Equity Reserves Retained earnings Total shareholders' equity 12,500 1.550 3,410 17 460 Smart Homes Ltd (SHL) Statement of Comprehensive Income (SOCI) for the year ended 31 March 2022 ($000) Retail Sales 68,450 Cost of Goods Sold 41,900 Gross profit 26,550 Other Income Interest Income 2,100 Gain on revaluation of Land (net of tax) 950 Revenue from Discontinued operations 2,200 Less: Expenses Administration Expenses 13,300 Selling and Distribution Expenses 8,346 Other General expenses 1,000 Interest expenses 2,895 Expenses for discontinuing operations 3,767 Total operating expenses 29,308 Profit from operations 2,492 Additional information: (0) Non-current assets consist of property plant & Equipment of $12,500 and Investment properties of $3,500. (11) Income tax expenses for the year is $2,910. This amount has ot been payable as of 31 March 2022. Rose has not included this transaction in the above statements. (b) using the template provided, prepare the statement of Financial Position (SOFP) and Statement of comprehensive Income (SOCI) for the year ended 31 March 2022 in line with NZ IAS 1. (10 marks)