The following trial balance was extracted from the books of Old NV on 31 December20XI

Prepare a Statement of Comprehensive Income for the year ended 31 December 20X1 and Statement of Financial Position at that date in a form that complies with IAS 1.

The following trial balance was extracted from the books of Old NV on 31 December 20XI Dr 000 Sales Returns Outward Provision for Depreciation: Plant Vehicles Rent Receivable Trade Payables Debentures Issued Share Capital - Ordinary 1 shares Issued Share Capital - preference shares (treated as equity) Share Premium Retained Earnings Inventory Purchases Returns Inwards Carriage Inwards Carriage Outwards Salesmen's salaries Administrative Wages and Salaries Land Plant (includes 362,000 acquired in 20XI) Motor Vehicles Goodwill Distribution Costs Administrative Expenses Directors' Remuneration Trade Receivables Cash at bank and in hand Cr 000 12,050 313 738 375 100 738 250 3,125 625 350 875 825 6,263 350 13 125 800 738 100 1,562 1,125 1,062 290 286 375 3,875 1,750 19,539 Note of information not taken into the trial balance data: (a) Provide for: (i) An audit fee of 38,000. (ii) Depreciation of plant at 20% straight-line. (iii) Depreciation of vehicles at 25% reducing balance. (iv)The goodwill suffered impairment in the year of 177,000. (v) Income tax of 562,000 19,539 (vi)Debenture interest of 25,000 (b) Closing inventory was valued at 1,125,000 at the lower of cost and net realisable value. (c) Administrative expenses were prepaid by 12,000. (d) Land was to be revalued by 50,000. Required: Prepare a Statement of Comprehensive Income for the year ended 31 December 20X1 and Statement of Financial Position at that date in a form that complies with IAS 1