The following is a list of balances taken from the books of ABC Ltd on 30 September 2012. sales		$473 300
purchases	$310 500
operating expenses	$18 400
loan interest	$5 000
dividends paid	$15 500
Leasehold building at cost	$200 000
Plant and equipment at cost	$124 800
Deferred development expenditure	$75 000
Joint venture	62 000
Depreciation
- Leasehold		$56 000
- Plant and equipment		$48 800
- Development expenditure		$15 000
Trade receivables	$49 200
Inventory 1 October 2011	$27 500
Bank	$12100
Trade payables		$82 200
Ordinary shares of 25 cents each		$100 000
10% convertible loan stock		$100 000
Deferred tax at 1 October 2011 Retained earnings at 1 October 2011	$900 000	$11 400 $13 300 $900 000

The following notes are relevant: (i) The cost of the inventory at 30 September 2012 was $37.7 million(excluding joint venture inventory see note (iv)). (ii) Non-current assets: On 1 October 2011 ABC Ltds leasehold building was revalued at $270 million by an independent surveyor. The lease was for a 25-year period when ABC Ltd acquired it. The directors wish to incorporate the revalued amount in ABC Ltds financial statements. The revaluation reserve will be deemed to be realised in line with the remaining life of the lease.Plant is depreciated at 20% per annum on the reducing balance basis. (iii) The deferred development expenditure relates to a new product. The project was successfully completed on 1 October 2010, and sales of the new product commenced on that date. The development costs are being depreciated on a straight-line basis over the expected product life of 5 years. Early in the current year, a review of the sales figures for the new product showed that they were disappointing. In view of this, ABC Ltd has estimated that the present value of the expected net future cash flows from sales of the new product is $30 million; however, ABC Ltd has been approached by a rival company with an offer of $40 million for the rights to the product. At this stage, ABC Ltd intends to continue to market and sell the product. (iv) On 1 October 2011 ABC Ltd entered into a joint venture with two other companies. Each venturer contributes its own assets and pays its own expenses, The agreement stipulates that the joint venture will be terminated on 30 September 2015. ABC Ltd is entitled to 30% of the joint ventures total revenues. The joint venture is not a separate entity. Details of ABC Ltds joint venture transactions are:

Plant and equipment at cost	$70 000
Share of joint venture sales revenues (30% of total sales revenues)	($18 000)
Inventory	$2 500
Related cost of sales excluding depreciation	$8 000
Accounts receivable 30 September 2012	$3 500
Accounts payable 30 September 2012 ,	$4 000
Net balance included in the above list of balances	$62 000

Plant should be depreciated on a straight-line basis. It is not expected to have any residual value at the end of joint venture

The directors have estimated the required provision for income tax for the year to 30 September 2012 is $15 million. The deferred tax provision at 30 September 2012 is to be adjusted to reflect the tax base of the companys assets being $70 million less than their carrying values. $28.8 million of this $70 million is attributable to the revaluation of the leasehold. ABC Ltds rate of income tax is 25%. (vi) The convertible loan stock is redeemable at par on 31 March 2014, or at the option of the stockholders, it can be exchanged for ordinary shares on the basis of 60 new shares in ABC Ltd for each $100 of loan stock. (vii) In June 2010 the directors and senior staff of ABC Ltd. were given options to purchase 50 million ordinary shares (in total) in the company. The options are exercisable on 1 July 2014 at a price of $2.40 per share. The stock market price of ABC Ltd.s ordinary shares over the current year has been $4.00. (viii) The directors have proposed a final ordinary dividend of 6 cents per share. Required (a) Prepare for ABC Ltd, in accordance with International Accounting Standards as far as the information permits: (i) the statement of comprehensive income (ii) the statement of changes in equity for the year to 30 September 2012, and (iii) a statement of financial position as at 30 September 2012.