The trial balance of Peak Limited $($Peak$)$ at $30$ June $2024$ was as follows: The trial balance of Peak Limited $($Peak$)$ at $30$ June $2024$ was as follows:

DEBIT CREDIT

HK$$000$ HK$$000$

Share capital $($HK$$2$ ordinary shares fully paid$)400$

Retained earnings $(1/7/2023)257$

Revaluation surplus $170$

Mortgage loan $500$

Bank overdraft $($at call$)335$

Interest payable $5$

Accounts payable $140$

Dividend payable $20$

Current tax payable $104$

Provision for employee benefits $68$

Allowance for doubtful debts $26$

Accumulated depreciation $$ plant and equipment $85$

Cash $1$

Accounts receivable $116$

Inventory $175$

Interest receivable $14$

Plant and equipment $445$

Land $440$

Buildings $760$

Long term investment $210$

Sales revenue $1,650$

Cost of sales $900$

Administration expenses $530$

Other expenses $20$

Interest revenue $5$

Rental revenue $7$

Income tax expense $101$

Dividends paid $40$

Dividends declared $20$

$3,7723,772$

Additional information:

$1.$ Administrative expenses for the year included interest expense of HK$$57,000.$

$2.$ All assets were carried at cost$,$ except for land and buildings which were carried at valuation.

$3.$ On $30$ June $2024,$ the directors revalued land and buildings. The revaluation was based on an independent valuation and was based on fair values. The carrying amounts of land and buildings before the revaluation were HK$$390,000$ and HK$$700,000$ respectively. The income tax related to the revaluations amounted to HK$$18,000.$

$4.$ The mortgage loan was repayable in annual instalments of HK$$100,000$ due on $1$ November each year.

$5.$ The provision for employee benefits consisted of HK$$36,000$ expected to be paid in the next $12$ months and HK$$32,000$ expected to be paid beyond the next $12$ months.

Required:

a$)$ Prepare a statement of profit or loss and other comprehensive income for Peak for the year ended $30$ June $2024$ in accordance with IAS $1.$

b$)$ Prepare a statement of financial position for Peak as at $30$ June $2024$ to comply with IAS $1.$