Sunlight Limited operates a chain of wholesale grocery outlets; its trial balance at 30 June 2022 was as follows: Dr Cr $000 $000 Ordinary share capital 1,200 10% debenture (redeem in 2031) 1,000 Freehold land at cost 1,510 Buildings 8,300 Buildings - accumulated depreciation at 1 July 2021 1,020 Equipment at cost 1,800 Equipment - accumulated depreciation at 1 July 2021 290 Motor vehicles at cost 1,680 Motor vehicles - accumulated depreciation at 1 July 2021 620 General Reserve 2,470 Retained earnings at 1 July 2021 6,292 Accounts receivables 810 Allowance for receivables 18 Accounts payables 820 Inventory at 1 July 2021 1,530 Sales Revenue 13,600 Purchases 8,100 Distribution costs 1,460 Interests on debentures Other expenses Administrative expenses 50 360 1,590 Cash at bank 140 27.330 27.330 Additional Information 1. Inventory as at 30 June 2022 amounted to $1,660,000 and periodic inventory method is assumed. 2. Accounts receivables totaling $6,000 are to be written off and allowance for receivable was increased to $30,000 at 30 June 2022. It is the company's practice to include the receivable written off and charge for allowance for receivable in administrative expenses. 3. Adjustments need to be made for the following accruals and prepayments at the end of year Distribution costs Administrative expenses Interest on debentures prepayments Accruals $000 $000 60 120 70 190 50 4. Depreciation for the year is to be provided and classified as follows: Land Buildings Equipment Motor vehicles Depreciation method Nil 2% per year on straight line 15% per annum on straight line 25% per annum on declining balance 5. The income tax for the year is estimated to be $236,000. Classification Not applicable Administrative expenses Distribution costs Distribution costs 6. After assessment of professional valuer, the freehold land is revalued at $1,800,000. Required Prepare the Statement of profit or loss and Other Comprehensive Income for the year ended 30 June 2022 and Statement of Financial Position as at the same date in accordance with the format stipulated by HKAS 1 (Revised). (40 marks)