$	$
Revenue		2 655 000
Purchases	1 669 000
Inventories( 1 January 2019)	444 000
Distribution costs	514 000
Administrative expenses	345 000
Debenture interest	3000
Rental income		48 000
Land and building at cost	840 000
Accumulated depreciation Land and building at 1 January 2019		120 000
Plant and equipment at cost	258 000
Accumulated depreciation plant & equipment at 1 January 2019		126 000
Investment property at 1 January	548 000
Trade receivables	541 000
Cash and cash equivalents	32 000
Ordinary share capital		100 000
Share Premium		244 000
Retained earnings 1 January 2019		753 000
Interim dividend	6000
General reserve		570 000
Trade payables		434 000
4% Debentures( redeemable in 2025)		130 000
	5 200 000	5 200 000

Additional matters to be taken into account for the preparation of the financial statements for the year ended 31 December 2019.

1. Inventory at 31 December 2019 amounted to $ 388 000 at cost

2. On 1 January 2019, Omega Enterprises disposed of some malfunctioning equipment

   for $ 7 000. The equipment had cost $ 15 000 and had accumulated depreciation brought forward at 1 January 2019 of N$ 3 000.There were no other additions or disposal to property, plant and equipment in the year.

3. The company treats depreciation on plant and equipment as a cost of sales and on land and buildings as an administrative cost. Depreciation rates as per the company's accounting policy are as follows:

   • Buildings Straight line over 50 years

   • Plant and equipment 20% reducing balance Omega Enterprises 's accounting policy is to charge a full year's depreciation in the year of an asset's purchase and none in the year of disposal. Omega Enterprises 's land and buildings were eight years old on 1 January 2019.

4. On 31 December 2019 the company revalued its land and buildings to $ 750 000 (including $ 100 000 for the land).

5. The income tax charge for the year is estimated at $ 29 000.

6. Included in sales is $ 7 000 pertaining to sale of equipment.

7. Debenture interest is still outstanding.

REQUIRED

1. Prepare the Statement of Profit or Loss and other comprehensive incomes for the year ended 31 December 2019 in accordance with International financial reporting standards (IFRS) and Companies Act 28 of 2004 (comparative information NOT required).

2. Prepare the Statement of Financial Position as at 31December 2019 in accordance with International financial reporting standards (IFRS) and Companies Act 28 of 2004 (comparative information NOT required)

   .