You are provided with the following statement of financial position of Kuhle Ltd: Statement of financial position on 31 December ASSETS Land and buildings 165 Vehicles 85 Furniture 45 Share capital ( 2 000 000 authorised NPV shares) 125 Cash on hand 5 Bank overdraft (2) Inventory 26 Trade and other receivables 15 Shareholders for dividends 11 Total assets 475 305 Equity and Liabilities Retained earnings Trade and other payables Long-term loans Accumulated depreciation 110 79 21 Income tax expense 30 515 Total equity and liabilities Required: 1. Critically evaluate the presentation of the above statement according to the requirement of International Accounting Standards (IAS 1). (19 marks) 2. Explain the meaning of each of these terms and give an example in each case a. Contingent liability (3 marks) b. Reserve