The following is a list of balances for Apple plc at 31 December, 2010. Revenue 1.300.000 Inventory at 1 January 2010 95,000 Purchases 920,000 86,000 Selling and distribution expenses Administration expenses 150,000 370,000 55,000 Land and Buildings at cost Motor vehicles at cost Provision for Depreciation at 1 January 2010 - Motor vehicles 27,500 Trade Accounts Receivable 126,000 128,000 125,000 Bank and cash Trade and other payables Authorised and issued Share Capital 400,000 Ordinary Shares Retained Profit at 1 January 2010 400,000 77.500 Notes 1. Inventory at 31st December, 2010: 88,000 2. Office expenses accrued: 15,000. 3. Motor Vehicles are depreciated at 10% per year (straight line method). 4. The directors decide to recommend an ordinary share dividend of 10% of the ordinary share capital 5. Corporation Tax is at 25% Required Prepare the following financial statements for Apple ple: (i) The income statement for the year ended 31 December 2010 (40 marks). (ii) The balance sheet as at 31/12/2010 (40 marks). F