TRIAL QUESTION The following tral baloncesto Badaloed company at 31 December 2018 50 Reven 190,000 Cost of saks 130,000 Distribution costs 7,100 Administrative expenses 23.00 Loan Witt Leased property-cost (notech) 25,000 Accumulated amortionat January 2018 5.000 Plant and equipment Cente 22.250 Accumulated deprecation at January 2018 Imensory 27.400 Trade receivables 16,500 Trake payables 13.500 Bank 1.100 Equity shares of 50 cents each 30.00 Retained camingusay 2013 41 Deferred 1.150 Cuteist tax 500 232.350 The following information is relevant o The directors had the leasehold property valued at $24,000 on 1 January 2018 by an independent surveyor. The directors wish to incorporate this value into the financial statements. The property was originally purchased 4 years ago and is being depreciated over its original useful economic life of 20 years which has not changed as a result of the revaluation. BB It does not make a transfer to retained earnings in respect of excess amortisation. The revaluation gain will create a deferred tax liability (see note (11) Plant and equipment is being depreciated at 20% per annum on a reducing balance basis. All depreciation/amortisation should be charged to cost of sales A provision for income tax for the year ended 31 December 2018 of $12,000 is required. At 31 December 2018, the tax base of BB ltd's net assets was $7,000 less than their carrying amounts. This excludes the effects of the revaluation of the leased property. The income tax rate of BB Itd is 30% Required: Prepare a statement of profit or loss and other comprehensive income, a statement of changes in equity for the year ended 31 December 2018, and a statement of financial position as at that date