Question Two JUBILEE is a quoted company reporting under IFRS. During the year end 31 December 2012, the company changed its accounting policy with respect to property valuation. There are also a mumber of other issues that need to be finalised before the financial statements can be published JUBILEE's trial balance from the general ledger at 31 December 2012 showed the following bulances GHE'm GHe'm 2,618 3 1.669 514 345 545 28 Revenue Loan note interest paid Purchases Distribution costs Administrative expenses Interim dividend paid Inventories at January 2012 Trade receivables Trade payables Cash and cash equivalents 50Gp ordinary shares Capital surplus Retained earnings at 1 January 2012 4% loan note repayable 2018 (issued 2010) Land and buildings Cost (including GHe60m land) Accumulated depreciation at 1/1/2012 Plant and equipment: Cost Accumulated depreciation at 1/1/2012 Investment property at 1 January 2012 Rental income Proceeds from sale of equipment 100 814 349 150 380 64 258 126 548 48 7 4,740 4,740 Further information to he taken into account: 1. Closing inventories were counted and amounted to GH388m at cost. However, stwortly after the year end cut-of-date inventories with a cost of GH15m were sold for GHem li. The company decided to change its accounting policy with respect to its 10 year old land and buildings from the cost model to the revaluation model. The revalued amounts at 1 January 2012 were GHe 800m (including GH