The following balances were obtained from the books of The Hartland Ltd as at December 31, 2015: DETAILS DR CR Premises 800,000 10% Mortgage 250.000 Retained earnings 40,000 Goodwill 100.000 Debtors 110,000 Creditors 65,000 General reserves 30,000 Management fees 30,000 Ordinary shares @ $0.50 200.000 5% Preference shares a $1 200,000 Share premium 50.000 Motor vehicle 80,000 Prov. for depreciation on motor vehicle 12.000 10% Debenture 120,000 Mortgage interest 7,000 Debenture interest 5.000 Cost of sales 750,000 Closing stock 80.000 Insurance 20,000 Wages & salaries 60.000 Interim ordinary shares dividend 2.000 Bank 53,000 Sales 1.100,000 Commission received 4,000 2,084,000 2.084.000 Notes: a. Provide for depreciation on motor vehicle at 5% on the reducing balance b. Insurance is prepaid by $4,000 while wages and salaries is owing by $20,000 c. The goodwill should be written down by 25% d. Transfer $25,000 from profits to the general reserves e. Corporation tax is estimated at $30,000 f. The following items of expense should be apportioned: Insurance Wages & salaries Management fees Depreciation charges Admin 50% 70% 80% 50% Sell & Dist. 50% 30% 20% 50% g. Prior to the end of the year the directors approved the following: preference share dividends is to be accounted for in full a new issue of 100,000 ordinary shares with par of $0.50 per share; amount collected was $75,000 Required: Prepare the following: Statement of profit and loss Statement of changes in equity Statement of financial position Show appropriate workings and disclosures