The balances below have been extracted from the accounting records of Sydney Shirts Limited at 31 December 2016: Dr Cr $ $ Revaluation reserve 75,000 Retained profits at 1.1.16 36,200 Share capital: 200,000 ordinary shares of 10c each 20,000 : 10,000 8% cumulative $1 preference shares 10,000 Freehold land, at valuation 150,000 Buildings, at cost 60,000 Buildings: accumulated depreciation 28,000 Share premium 92,000 6% Debenture loan: 2020 80,000 Provision for doubtful debts 11,800 Plant & machinery: cost 420,000 Plant & machinery: accumulated depreciation 210,000 Interim dividend paid on ordinary shares 6,000 Interim dividend paid on preference shares 400 Corporation Tax 5,200 Debenture interest 2,400 Inventory at 1.1.16 45,000 Trade receivables 75,000 Bank account 4,100 Prepaid insurance at 1.1.16 2,400 Accrued electricity at 1.1.16 16,000 Trade payables 19,000 Non-current asset disposal proceeds 1,000 Sales revenue 967,000 Purchases 376,000 Wages and salaries 337,000 Insurance 15,200 Travel and entertainment 22,000 Professional fees 14,500 Electricity 39,000 1,570,100 1,570,100 You are given the following information: 1. Inventory at 31 December 2016 cost $57,000. Included in this inventory are items which cost $1,600 which are now obsolete and are expected to be sold for $300. The balances below have been extracted from the accounting records of Sydney Shirts Limited at 31 December 2016: Dr Cr $ $ Revaluation reserve 75,000 Retained profits at 1.1.16 36,200 Share capital: 200,000 ordinary shares of 10c each 20,000 : 10,000 8% cumulative $1 preference shares 10,000 Freehold land, at valuation 150,000 Buildings, at cost 60,000 Buildings: accumulated depreciation 28,000 Share premium 92,000 6% Debenture loan: 2020 80,000 Provision for doubtful debts 11,800 Plant & machinery: cost 420,000 Plant & machinery: accumulated depreciation 210,000 Interim dividend paid on ordinary shares 6,000 Interim dividend paid on preference shares 400 Corporation Tax 5,200 Debenture interest 2,400 Inventory at 1.1.16 45,000 Trade receivables 75,000 Bank account 4,100 Prepaid insurance at 1.1.16 2,400 Accrued electricity at 1.1.16 16,000 Trade payables 19,000 Non-current asset disposal proceeds 1,000 Sales revenue 967,000 Purchases 376,000 Wages and salaries 337,000 Insurance 15,200 Travel and entertainment 22,000 Professional fees 14,500 Electricity 39,000 1,570,100 1,570,100 You are given the following information: 1. Inventory at 31 December 2016 cost $57,000. Included in this inventory are items which cost $1,600 which are now obsolete and are expected to be sold for $300