The following financial statements were obtained from the books of Theodore for the year ending December 31, 2015: Statements of financial position as at: 2014 2015 Non-Current Assets Cost Depa NBV Cost Depa NBV Goodwill 200,000 120,000 Building 440,000 120,000 320,000 670,000 145.000 525,000 Equipment 400,000 50,000 350,000 450,000 65,000 385,000 Motor Vehicle 320,000 80,000 240,000 410,000 95,000 315,000 Long Term Investment 65,000 1,175,000 165,000 1,510,000 Current Assets Closing Stock 40,000 74,500 Debtors 60,500 55,000 Short Term Investment 20,000 35,000 Bank 0 77,500 Cash 18,500 139,000 24,000 266,000 Total Assets 1,314,000 1,776,000 Capital & Reserves Share Capital 210,000 335,000 General Reserves 75,000 195,000 Revaluation Reserves 40,000 140,000 Retained Profit 300,000 625,000 556,000 1,226,000 Non-Current Liability 10% Debenture 550,000 400,000 Current Liabilities Creditors Tax Payable Interest Owing Dividends Bank Overdraft Total Equity & Liabilities 40,000 65,000 30,000 35,000 15,000 20,000 19,000 30,000 35,000 139,000 0 150,000 1,314,000 1,776,000 Condensed statement of profit or loss for 2015 Net Sales 1,600,500 Cost of Goods Sold Opening Stock add Net Purchases 40,000 410,000 less Closing Stock (74.500) (375,500) Gross Profit Net Operating Expenses PBIT 1,225,000 (515,500) 709,500