The trial balance of Beta Limitedas at 31stDecember, 2019is as follows:Debit CreditGHGHSales and Purchases20,00050,000Inventory8,000Distribution costs8,000Administration expenses15,550Trade Receivables and Payables12,40020,000Cash and bank8,100Ordinary shares (GH0.50)52,000Revaluation reserve8,00010% Redeemable preference shares (GH1)9,00010% Loan Notes8,000Property, Plant and Equipment 75,000Investment property10,000Rental income from investment property1,000Retained profits at 1stJanuary, 20193,000Loan note interest400Preference dividend450Interim ordinary dividend1,600Corporate Tax500Suspense8,000159,500159,500The following is to be taken into account:1.The inventory at cost on 31stDecember, 2019was GH14,500and the net realizable value was GH12,000. 2.The Property, Plant and Equipment include a building whose net book value is currently GH5,000 is to be revalued to GH9,000.3.The balance on the corporation tax account represents an overprovision of tax for the previous year. Tax for the current year is estimated at GH3,000.4.The directors have decided to make an allowance for doubtful debts of 2% of trade receivables.This amount should be charged to administrative expense.5.Depreciationchargesfortheyearended31stDecember2019amounted to GH800. This figure should be included in the administrative expense.6.The investment property was acquired in January, 2019. The rental income from the investment property GH1,000 relates to the two-year period ending 31stDecember, 2020. The company adopts fair value model in subsequent measurement of the investment property and fair value assessment at 31stDecember, 2019puts the valuation at GH15,000.7.The suspense account represents the corresponding credit for cash received for a fully subscribed issue of ordinary shares made on 30thDecember, 2019. The terms of the share issue was 4,000 new ordinary shares were issued at GH2.00 each

Required: In compliance with the Companies Code provisions and in conformity with relevant International Financial Reporting Standards, prepare forpublication;(i)The statement of profit or loss and other comprehensive income for the year ended 31stDecember, 2019.[7 marks](ii)The statement of changes in equity for the year ended 31stDecember, 2019.[3marks](iii)The statement of financial position as at 31stDecember, 2019. [5 marks]