The following trial balance relates to Quincy as at $30$ September $2014$:$$000$ $$000$Revenue $($note $($i$))213,500$Cost of sales $136,800$Distribution costs $17,500$Administrative expenses $($note $($ii$))19,000$Loan note interest paid $($note $($ii$))1,500$Investment income $400$Equity shares of $25$ cents each $60,0006\%$ loan note $($note $($ii$))25,000$Retained earnings at $1$ October $20134,300$Land and buildings at cost $($land element $$10$ million$)($note $($iii$))50,000$Plant and equipment at cost $($note $($iii$))83,700$Accumulated depreciation at $1$ October $2013$: buildings $8,000$plant and equipment $33,700$Equity financial asset investments $($note $($iv$))17,000$Inventory at $30$ September $201424,800$Trade receivables $28,500$Bank $2,900$Current tax $($note $($v$))1,100$Deferred tax $($note $($v$))1,200$Trade payables $36,700382,800382,800$The following notes are relevant:i$.$ On $1$ October $2013,$ Quincy sold one of its products for $$10$ million $($included in revenuein the trial balance$).$ As part of the sale agreement, Quincy is committed to the ongoingservicing of this product until $30$ September $2016($i$.$e$.$ three years from the date ofsale$).$ The value of this service has been included in the selling price of $$10$ million.The estimated cost to Quincy of the servicing is $$600,000$ per annum and Quincysnormal gross profit margin on this type of servicing is $25\%.$ Ignore discounting.ii$.$ Quincy issued a $$25$ million $6\%$ loan on $1$ October $2013.$ Issue costs were $$1$ millionand these have been charged to administrative expenses. Interest is paid annually on$30$ September each year. The loan will be redeemed on $30$ September $2016$ at apremium which gives an effective interest rate on the loan of $8\%.$Non$-$current assets:iii. Quincy had been carrying land and buildings at depreciated cost, but due to a recentrise in property prices, it decided to revalue its property on $1$ October $2013$ to marketvalue. An independent valuer confirmed the value of the property at $$60$ million $($landelement $$12$ million$)$ as at that date and the directors accepted this valuation. Theproperty had a remaining life of $16$ years at the date of its revaluation. Quincy will makea transfer from the revaluation reserve to retained earnings in respect of the realisationof the revaluation. Ignore deferred tax on the revaluation.On $1$ October $2013,$ Quincy had a processing plant installed at a cost of $$10$ millionwhich is included in the trial balance figure of plant and equipment at cost$.$ The processthe plant performs will cause immediate contamination of the nearby land. Quincy willhave to decontaminate $($clean up$)$ this land at the end of the plants ten$-$year life$($straight$-$line depreciation$).$ The present value $($discounted at a cost of capital of $10\%$per annum$)$ of the decontamination is $$6$ million. Quincy has not made any accountingentries in respect of this cost.All other plant and equipment is depreciated at $12(1)/(2)\%$ per annum using the reducingbalance method.No depreciation has yet been charged on any non$-$current asset for the year ended $30$September $2014.$ All depreciation is charged to cost of sales.Other than referred to above, there were no acquisitions or disposals of non$-$currentassets.iv$.$ The investments had a fair value of $$157$ million as at $30$ September $2014.$ There wereno acquisitions or disposals of these investments during the year ended $30$ September$2014.$v$.$ The balance on current tax represents the under$/$over provision of the tax liability forthe year ended $30$ September $2013.$ A provision for income tax for the year ended $30$September $2014$ of $$74$ million is required. At $30$ September $2014,$ Quincy had taxabletemporary differences of $$5$ million requiring a provision for deferred tax. Any deferredtax adjustment should be reported in profit or loss. The income tax rate of Quincy is$20\%.$Required:a$)$ Prepare the statement of profit or loss and other comprehensive income forQuincy for the year ended $30$ September $2014.$b$)$ Prepare the statement of changes in equity for Quincy for the year ended $30$September $2014.$c$)$ Prepare the statement of financial position of Quincy as at $30$ September $2014.$d$)$ Calculate the increase in the carrying amount of property, plant and equipmentduring the year ended $30$ September $2014$ from the perspective of:i$.$ The change between the opening and closing statements of financialposition and;ii$.$ The statement of cash flows.Comment on which perspective may be more useful to users of Quincysfinancial statements.