The accountant of Butler Ltd has gone on sick leave and there are some outstanding issues. The Finance Director provided you with the following statement of financial position of Butler Ltd. Statement of financial position on 31 December 2018 ASSETS PPE 590,000.00 Share capital ( 2 000 000 authorises NPV shares) Cash 250,000.00 10,000.00 (4,000.00) Overdraft Inventory 52,000.00 30,000.00 Trade receivables Shareholders for dividends 22,000.00 950,000.00 Total assets Equity and liabilities Retained earnings 610,000.00 Trade payables 220,000.00 Long-term loans Accumulated depreciation 158,000.00 42,000.00 Income tax expense 60,000.00 Total equity and liabilities 1,030,000.00 You are required to 2.4 Write a report critically evaluating the presentation of the above statement according to the requirements IAS 1. [18 marks] The accountant of Butler Ltd has gone on sick leave and there are some outstanding issues. The Finance Director provided you with the following statement of financial position of Butler Ltd. Statement of financial position on 31 December 2018 ASSETS PPE 590,000.00 Share capital ( 2 000 000 authorises NPV shares) Cash 250,000.00 10,000.00 (4,000.00) Overdraft Inventory 52,000.00 30,000.00 Trade receivables Shareholders for dividends 22,000.00 950,000.00 Total assets Equity and liabilities Retained earnings 610,000.00 Trade payables 220,000.00 Long-term loans Accumulated depreciation 158,000.00 42,000.00 Income tax expense 60,000.00 Total equity and liabilities 1,030,000.00 You are required to 2.4 Write a report critically evaluating the presentation of the above statement according to the requirements IAS 1. [18 marks]