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Skyline Ltd started its operations on 1 January 2015. Below are the financial records for the first five years of trading: Year Ended 31 December

Skyline Ltd started its operations on 1 January 2015. Below are the financial records for the first five years of trading:

Year Ended 31 December

Trading Profit (Loss) £

Profit (Loss) on Non-Current Assets £

Upward Revaluation of Non-Current Assets £

2015

(15,000)

0

2,000

2016

10,000

1,000

3,000

2017

20,000

4,000

5,000

2018

25,000

(3,000)

0

2019

30,000

2,000

4,000

Requirements:

  1. Calculate the total net profit for each year, considering trading profit, profit (loss) on non-current assets, and upward revaluation of non-current assets.
  2. Assuming Skyline Ltd paid out the maximum legal dividend each year, calculate the dividend for each year.
  3. Prepare a summarized income statement for the year ended 31 December 2019.

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