The following information is a summary of financial year-end figures extracted from the transaction

records of BJ Hi-Fi Ltd on 30 June 2018:

$ millions $ millions

Administrative expenses .......................... 12 Inventories ............................................. 214

Amortisation ............................................... 1 Investments ................................................ 8

Cash on hand ............................................ 20 Loan .......................................................... 78

Contributed equity ................................... 30 Payables ................................................. 198

Cost of sales ......................................... 1,234 Property, plant & equipment * ................ 91

Depreciation ............................................. 16 Provisions ................................................. 33

Dividends paid .......................................... 38 Receivables............................................... 28

Employee costs ......................................... 64 Rent revenue .............................................. 8

Income tax expense .................................. 21 Reserves ..................................................... 3

Intangibles * ............................................. 39 Sales revenue ...................................... 1,555

Interest & dividend revenue ...................... 4 Selling expenses ..................................... 161

Interest on loan .......................................... 7

* Carrying amounts net of accumulated depreciation, amortisation and impairment

The above information has not been adjusted to reflect or include the following:

• a)Employee costs above do not include an additional $1 million of wages owing.
• b)The rent revenue is derived from renting out excess floor space and $3 million of the above
• amount relates to revenue that will be earned from July to December 2018.
• c)Of the selling expenses above, $5 million relates to an advertising benefit to be received in
• the September quarter of 2018.
• d)The income tax expense is not necessarily 30% of profit before tax.
• e) The cash balance includes an amount of $2 million invested in a highly liquid short-term
• deposit account that pays a nominal amount of interest.
• f)Investments are considered to be long-term
• g) Non-current assets are net of accumulated depreciation and amortisation.
• h)The loan is to be repaid in equal instalments over the next 13 years.
• i)Of the provisions, $15 million relate to provisions for warranties and short-term employee
• entitlements and $18 million relate to long-term employee entitlements.
• j)Reserves relate to net transfers to and from retained profits in prior periods.
• k)The balance of Retained profits at the end of the previous period was $45 million.

Prepare income statement and statement o ffinancial position based on above information.