The following is the trial balance of XYZ Ltd as at 31 December 2022. Trial balance $000 $000 $1 Ordinary shares (fully paid) - 1 400 Retained profit 01/01/2022 - 968 General reserve 01/01/2022 - 684 10 % debentures (issued in 2016) 800 Freehold land & buildings 01/01/2022 (cost) 1 720 - Plant and machinery 01/01/2022 (cost) 3 320 - Accumulated depreciation: Freehold buildings 01/01/2022 - 80 Plant and machinery 01/01/2022 - 888 Inventory 01/01/2022 760 - Sales - 10 780 Purchases 8 608 - Wages and salaries 1 016 - Ordinary dividend (interim) 32 - Debenture interest 40 - Receivables 716 - Light and heat 124 - Sundry expenses 452 - Suspense account - 540 Cash 132 - Payables - 780 16 920 16 920 In case of under provision of tax for the previous year, the amount gets added to the tax provision for the current year. Additional information: 1. The amount of sundry expenses includes$36 000 paid in respect of insurance for the year ending 1 September 2022. 2. An invoice of $12 000 for electricity for the three months ending 31 December 2022 which was paid in February 2022 was omitted to be recorded in light and heat expenses. 3. The suspense account balance consists of the following: $000 Proceeds from the issue of 200 000 ordinary shares 480 Proceeds from the sale of plant 1 200 1 680 Less: Investment in the shares of companies (1 140) 540 4. The freehold property was acquired a few years ago. The buildings element of the cost was estimated at$400 000 and the estimated useful life of the assets was fifty years at the time of purchase. As at 31December 2022, the property is revalued at $3 200 000. 5. The plant which was sold was initially purchased at a cost of $1 400 000 and had a net book value of$1 096 000 as on 1 January 2022. 6. The applicable tax rate is 30%. 7. $144 000 depreciation is to be charged on plant and machinery for 2022. 8. The directors decided to provide for the following: a) Audit fees of $16 000 b) Debenture interest due c) A transfer to the general reserve of $64 000 9. Inventory as at 31 December 2022 was valued at $880 000 (cost) Required: Prepare the financial statements of XYZ Ltd in a form prescribed by IAS 1.