The following information has been extracted from the accounting records

of Pluto Ltd for the year ended 30 June 2017:

Debit $ Credit $

Sales 1,800,000

Dividends paid 10,000

Cost of sales 1,072,000

Finance costs 40,000

Distribution costs 116,000

Transfer from general reserve 16,000

Marketing costs 54,000

Administrative costs 104,000

Proceeds from sale of plant and machinery 60,000

Carrying amount of plant and machinery 40,000

Dividends Payable 15,000

Goodwill 190,000

Share Capital 150,000

General Reserve 10,000

Retained Earnings 15,000

Tax rate is 30%.

Additional Information:

Profit for the year is $303,800.

Balance of Retained Earnings at 1 July 2016 was $10,000.

During the year $5,000 was transferred from retained earnings to general reserve.

Required

Prepare a statement of profit or loss and other comprehensive income and, a statement of changes in equity for Pluto Ltd, for the year ended 30 June 2017. The statements must comply with AASB 101.

(please be sure to classify expenses by function).