The following Trial Balance was extracted from the books of Alicante Limited at 31 December 2020. Debit Rs Credit Rs Land at cost Furniture at cost 1 700 000 162 000 Provision for depreciation on furniture 36 000 Motor vehicles at cost 112 000 Provision for depreciation of motor vehicles 56 000 Investments in Sun Bazar Ltd 400 000 Ordinary shares of Rs 1 each 500 000 10% Redeemable preference shares of Rs 1 500 000 General Reserves Retained Earnings 36 000 160 000 Share premium Ordinary goods purchased General Insurance Advertising 20 000 880 000 37.000 32 000 Discount received 15.000 Inventory at 01 January 2020 160 000 Trade receivables 320 000 Trade payables Revenue Cash and cash equivalent 12% Debentures Interest on debentures 265 000 1 740 000 68 400 800 000 48 000 Wages administration 80 000 Wages Distribution 56 000 Light and Heat 12 600 Ordinary share dividend paid 24 000 Redeemable preference share dividend paid 10 000 Motor expenses 24 800 Allowance for irrecoverable debts 14 000 Irrecoverable debts 21 200 Loss on discontinued operations 20 000 Dividend received 26 000 Additional Information 1) Inventory at 31 December 2020 amounted to Rs 180 000. 2) General Insurance of Rs 5 000 had been prepaid and motor expenses of Rs 16 000 were outstanding at year end. 3) Furniture is to be depreciated at the rate of 10% per annum reducing balance method and motor vehicles at the rate of 20% on cost. Furniture is used solely for administrative purposes and vehicles are used exclusively for delivery of goods. 4) Taxation of Rs 55 000 is to be charged for the current year. 5) On 01 January 2020, land was revalued at Rs 1 900 000. No entries have been made yet to record the revaluation. 6) Rs 100 000 is to be transferred to general reserves. 7) No entries have been made for a bonus issue of 1 share for every 10 shares held effected on 30 June 2020. 8) The market price of an ordinary share is Rs 2.40. 9) The allowance for irrecoverable debts is to be maintained at 6% of trade receivables. 10) A final dividend of Rs 1.20 per ordinary share has been recommended for payment at 31 December 2020. REQUIRED: a) Prepare an Income Statement for the year ended 31 December 2020 for publication in accordance with IAS 1. [18 marks] b) Prepare a Statement of changes in equity for the year ended 31 December 2020 suitable for publication in accordance with IAS 1. [4 marks] c) Prepare a Statement of Financial Position as at 31 December 2020 in accordance with IAS 1. [12 marks]