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 Debtors Creditors General reserves Management fees 100,000 110,000 65,000 30,000 30,000 Ordinary shares @$0.50 200,000 5% Preference shares @$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 Sales 53,000 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