SECTION B : Attempt All Questions From This Section. Question One The May's Corporation's Trial Balance as at December 31, 2017 is shown below. The following additional information is available: 1 Debtors totaling $8000 are to be written off and the provision for bad debts increased to $15000. 2 During the year the company rented some of its warehouse space to another organization for \$5000 per month. The date of this rental agreement commenced on March 1, 2017. 3 4 Depreciation should be provided as follows: a. Premises b. Fixtures and Fittings c. Motor Vehicles Nil 8 percent per year on the reducing balance 10 percent per year on cost Depreciation is to be divided equally between distribution cost and administrative expenses 5 Corporation tax is estimated to be $100000 6 Closing stock as at December 31,2017 is $170,000.00 Page 6 of 10 7 Profit after tax for the year ended December 31,2017 was $666,600.00 8 The directors proposed on December 20, 2017 to pay the total preference share dividends. On December 21,2018 the directors decided to pay a further $0.05 ordinary share dividend. Required: Prepare the financial statements for the year to 31 December 2017 for May's Corporation in accordance with International Financial Reporting Standards as far as the information permits. A Statement of Profit or Loss is not required. The statements prepared, should include only: 1) A Statement of Changes in Equity and (10 marks) 2) A Statement of Financial Position (22 marks) SECTION B : Attempt All Questions From This Section. Question One The May's Corporation's Trial Balance as at December 31, 2017 is shown below. The following additional information is available: 1 Debtors totaling $8000 are to be written off and the provision for bad debts increased to $15000. 2 During the year the company rented some of its warehouse space to another organization for \$5000 per month. The date of this rental agreement commenced on March 1, 2017. 3 4 Depreciation should be provided as follows: a. Premises b. Fixtures and Fittings c. Motor Vehicles Nil 8 percent per year on the reducing balance 10 percent per year on cost Depreciation is to be divided equally between distribution cost and administrative expenses 5 Corporation tax is estimated to be $100000 6 Closing stock as at December 31,2017 is $170,000.00 Page 6 of 10 7 Profit after tax for the year ended December 31,2017 was $666,600.00 8 The directors proposed on December 20, 2017 to pay the total preference share dividends. On December 21,2018 the directors decided to pay a further $0.05 ordinary share dividend. Required: Prepare the financial statements for the year to 31 December 2017 for May's Corporation in accordance with International Financial Reporting Standards as far as the information permits. A Statement of Profit or Loss is not required. The statements prepared, should include only: 1) A Statement of Changes in Equity and (10 marks) 2) A Statement of Financial Position (22 marks)