Statement of profit or loss and other comprehensive income (classify expenses by function), statement offinancial position and statement of changes in equity

The trial balance of Black Hole Ltd at 30 June 2018 was as follows:DebitCreditShare capital (ordinary shares issued at $2, fully paid) General reserve Retained earnings (1/7/17) Revaluation surplus Mortgage loan Bank overdraft (at call) 7% debentures Interest payable Accounts payable Dividend payable Current tax liability Provision for employee benefits Deferred tax liability Allowance for doubtful debts Accumulated depreciation plant and equipment Accumulated impairment goodwill Cash Accounts receivable Inventory Prepaid insurance

$500 58 000 87 700 7 000$200 000 25 000 128 400 85 000 250 000 69 200 80 000 2 800 69 500 10 000 52 100 34 200 18 400 12 800 42 500 10 000

Plant and equipment Land Buildings Goodwill Deferred tax asset Sales revenue Cost of sales Administrative expenses Other expenses Interest revenue Dividends revenue Income tax expense Dividends paid Dividends declared222 500 220 000 380 000 105 000 9 800

450 000 265 000 10 000

50 400 20 000 10 000

825 000

2 500 3 500

Transfer to general reserve25 000$1 920 900$1 920 900Additional information (a) Administrative expenses for the year include interest expense of $28 700. (b) All assets are carried at cost, except for land and buildings which are carried at valuation. (c) During the year, 50 000 shares were issued at an issue price of $2 each, payable in full on application. (d) On 30 June 2018, the directors revalued land and buildings. The revaluation was based on an independent valuation received from FJ Holden, Registered Valuer. The valuation was based on fair values. The carrying amounts of land and buildings before the revaluation were $195 000 and $350 000 respectively. (e) The mortgage loan is repayable in annual instalments of $50 000 due on 1 March each year. (f) The 7% debentures are to be redeemed on 31 March 2019. There is no plan to refinance these debentures in the future. (g) The provision for employee benefits consists of: Annual leave Long-service leave $18 000 16 200 (h) No employee is eligible for long-service leave until 2022. (i) The company tax rate is 30%.

Required A. Prepare a statement of profit or loss and other comprehensive income for Black Hole Ltd for the year ended 30 June 2018, according to the requirements of AASB 101 (classify expenses by function).(4 marks) B. Prepare a statement of financial position for Black Hole Ltd as at 30 June 2018 to comply with AASB 101. (8 marks) C. Prepare a statement of changes in equity for Black Hole Ltd for the year ended 30 June 2018, according to the requirements of AASB 101. (3 marks)

[Comparative information must be disclosed in respect of the preceding period for all amounts reported in the current period's financial statements in accordance with AASB 101 paragraph 38. However this information is not provided in the question].