The summarized statements of financial position of Dakyebi Ltd at 31 December 2016 and 2017 are as follows. 2017 2016 GH000 GH000 Issued share capital 150,000 100,000 Share premium 35,000 15,000 Retained earnings 41,000 14,000 Long-term loans 30,000 70,000 Payables 48,000 34,000 Bank overdraft 14,000 Tax payable 33,000 21,500 Proposed dividends 15,000 7,500 Depreciation: Plant and machinery 54,000 45,000 Fixtures and fittings 15,000 13,000 421,000 334,000 Freehold property at cost 130,000 110,000 Plant and machinery at cost 151,000 120,000 Fixtures and fittings at cost 29,000 24,000 Inventories 51,000 37,000 Trade receivables 44,000 42,800 Long-term investments 4,600 Cash at bank 11,400 200 421,000 334,000 The following information is relevant: (a) There had been no disposal of freehold property in the year. (b) A machine tool which had cost GH8,000,000 (in respect of which GH 6,000,000 depreciation had been provided) was sold for GH3,000,000, and fixtures which had cost GH5,000,000 (in respect of which depreciation of GH2,000,000 had been provided) were sold for GH1,000,000. Profits and losses on those transactions had been dealt with through the statement of profit or loss. (c) The statement of profit or loss charge in respect of tax was GH22,000,000. (d) The premium paid on redemption of the long-term loan was GH2,000,000, which has been written off to the statement of profit or loss. (e) The proposed dividend for 2016 had been paid during the year.