The following items have been extracted from the trial balance of Cronos as at 30 September 2016: Reference to notes Opening inventory 186,400 Purchases 1,748,200 Carriage inwards 38,100 Carriage outwards (2) 47,250 Sales 3,210,000 Trade receivables 318,000 Wages and salaries (2 & 3) 694,200 Sundry administrative expenses (2) 381,000 Loss allowance for trade receivables, at 1 October 2015 (4) 18,200 Irrecoverable debts written off during the year 14,680 Office equipment as at 1 October 2015: ( 5 ) Cost 214,000 Accumulated depreciation 88,700 Office equipment: additions during year 48,000 proceeds from sale 12,600 Interest paid (2) 30,000 Notes (1) Closing inventory amounted to $219,600. (2) Prepayments and accruals: Prepayments Accruals S Carriage outwards 1,250 Wages and salaries 5,800 Sundry administrative expenses 4.900 13,600 Interest payable 30,000 (3) Wages and salaries cost is to be allocated: - cost of sales 10% - distribution costs 20% - administrative expenses 70% (4) Further irrecoverable debts totalling $8,000 are to be written off, and the closing loss allowance is to amount to 5% of the final trade receivables figure. All irrecoverable debt expenses are to be included in administrative expenses. (5) Office equipment: Depreciation is to be provided at 20% per annum on the straight line basis, with a full year's charge in the year of purchase and none in the year of sale. During the year equipment which had cost $40,000, with accumulated depreciation of $26,800, was sold for $12,600. Required: (a) Prepare the company's statement of profit or loss in accordance with IAS 1 "Presentation of Financial Statements". (12 marks)