The following transactions were selected form the accounting records of State plc as at 31 December 2018
P
Stock 1 January 2018 140,000
Sales 1,860,000
Purchases 1,140,000
Carriage inwards 8,000
Returns inwards 9,000
Returns outwards 5,000
Discounts allowed 11,000
Discounts received 14,000
Wages (putting goods into saleable condition) 88,000
Salaries and wages: Sales and distribution staff 62,000
Salaries and wages: Administrative staff 74,000
Motor expenses (see Note (c)) 24,000
Rent and business rates (see Note (d )) 28,000
Investments in undertakings in which the company has a participating interest
(market value P74,000) 100,000
Income from shares in undertakings in which the company has a participating interest 5,000
General distribution expenses 12,000
General administrative expenses 6,000
Bad debts 2,000
Interest from government securities 3,000
Haulage costs: Distribution 4,000
Debenture interest payable 2,000
Profit and loss account: 31 December 2017 94,000
Motor vehicles at cost: Distribution and sales 60,000
Administrative 26,000
Plant and machinery at cost: Distribution and sales 50,000
Administrative 30,000
Production 60,000
Directors’ remuneration 36,000
Dividends paid 60,000

Additional Notes:
(a) The production department puts goods bought into a saleable condition.
(b) Stock at 31 December 2018 P160,000.
(c) Apportion motor expenses: distribution 3/4, administrative 1/4.
(d ) Apportion rent and business rates: distribution 40 per cent, administrative 60 per cent.
(e) Write P26,000 off the value of investments in undertakings in which the company has a participating interest.
(f ) Depreciate motor vehicles 25 per cent on cost, plant and machinery 15 per cent on cost.
(g) Accrue auditors’ remuneration P14,000.
(h) Accrue corporation tax on ordinary activity profits P104,000.
(i ) A sum of P25,000 is to be transferred to debenture redemption reserve.

Required: : From the above selected balances of State plc as at 31 December 2018:
(a). Prepare a detailed statement of comprehensive income for the year ended 31 December 2018 for internal use.
(b). Prepare a detailed statement of Changes in equity for the year ended 31 December 2018.