Woyiram is a company engaged in the processing and export of shea butter. Extracts from the balance sheet as at 31/12/2013 shows the following:

PPE:

Land 3000

Building 12000

Depreciation (3600)

NBV 11400

Additional information

Depreciation on building is provided at 2% per annum on a straight line basis. The building was revalued on 30^th June 2014 at GHS 11,040 and the policy of the company is to incorporate the revaluation into the books of account. There is no change in the remaining useful life of buildings.

Required

Show the income statement and statement of financial position extract as at December 2014 and 2015 respectively.