The following trial balance has been extracted from the books of Grange Co. as at 31 December 2017. $'000 S'000 335 380 355 100 20 Administrative expenses Distribution costs Share capital $ 1 Share premium Revaluation surplus Dividend paid Cash at bank and in hand Receivables Interest paid Dividends received Interest received 35 5 283 45 30 2 570 80 480 180 Lana ana buildings at cost (land 420, buildings 150) land and buildings: accumulated depreciation Pant and machinery at cost Plant and machinery : accumulated depreciation Sendinti Retained earnings account (at January 1, 2017) Purchases Sales Inventory at January 1, 2017 Trades payables Bank loan 240 1360 2544 180 27 95 3673 3673 Additional notes: : 1. Inventory at December 31, 2017 was valued at a cost of $105,000. Included in this balance were goods that had cost $25,0000. These goods had become damaged during the year and it is considered that the goods could be sold for $10,000, after paying commission of $500. 2. Depreciation for the year to December 31, 2017 is to be charged against cost of sales as follows: Buildings 8% on cost (straight line) Plant and machinery 30% on carrying amount (reducing balance) 3. Land is to be revalued upwards by $150,000. 4. Income tax of $175,000 is to be provided for the year to December 31, 2017 5. The bank loan is repayable in four (4) years' time. ' Required: Complying as far as possible with the provision of IAS1 Presentation of Financial Statements and other relevant International Accounting Standards, prepared for publication: a) The company's Statement of Income & Other Comprehensive Income for the year ended 31 December 2017 b) The company's Statement of Financial Position as at the year ended 31 December 2017