The trail balance of Datto Company as on 31 December 2022 is given below:

	$	$
Revenue		150,000
Purchases	60,000
Distribution costs	11,200
Administration expenses	26,650
Loan interest paid	1,200
Non- current assets (carrying amount)	105,000
Income tax		1,500
Deferred tax at 1 January 2022		24,000
Interim Dividend paid	4,800
Trade receivables and payables	31,350	47.000
Inventory on 1 January 2022	24,000
Cash and cash equivalents	24,300
Ordinary Shares ($1)		24,000
Share premium		9,000
10% loan notes		24,000
Retained earnings on 1 January 2022		9,000
	288,500	288,500

The following is to be considered:

1.Land that cost $ 15,000 is to be revalued $33,000. Ignore deferred tax on the revaluation.

2.The balance on the income tax account represents an over provision of tax for the previous year.

3.Income tax for the current year is estimated to be$9,000. The deferred tax provision is to be increased to $25,800.

4.Closing inventory is valued at $48,000 at cost for the year. Included in this amount is inventory that cost $24,000 but during the inventory count it was identified that these goods have become damaged and a as a result the selling price was reduced. The goods are now believed to have selling price of $13,500 after incurring rectification costs of $1,500.

Required:

Prepare Datto & Companys:

1.Statement of profit or loss and other comprehensive income.

2.Statement of financial position and

3.Statement of changes in equity-

For the year ended 31 December 2022.

Note:1) All workings should be shown separately

2) It is important to present all the statements in proper format.

3) Marks will be deducted if you do not follow the note 1 and