The following figures have been extracted from the accounting records of Lavalamp on 30 September 20X3:

(i) Lavalamp has spent $6 million (included in the cost of sales) during the year developing and marketing a new brand of soft drink called Lavaflow. Of this amount, $1 million is for advertising and the remainder is the development costs. A firm of consultants has been reviewing the sales of the new product and based on this, it has valued the brand name of Lavaflow at $10 million and expects the life of the brand to be 10 years. Lavalamp wishes to capitalize the maximum amount of intangible assets permitted under International Financial Reporting Standards.
(ii) Due to a sharp increase in the values of properties, Lavalamp had its leasehold property revalued on 1 October 20X2 with the intention of restating its carrying value. A firm of surveyors contracted to value the property found that it had suffered some damage which will cost $1.5 million to rectify. They gave a valuation of $24 million for the property on the assumption that the repairs are carried out. Lavalamp has informed Capitalrent, the owner of the property, of the repairs needed. Capitalrent has since sent their own surveyors to inspect the property and have informed Lavalamp that they believe the damage is due to the type of machinery being used in the building and accordingly have requested that Lavalamp pay for the repairs. Lavalamp has taken professional advice on this matter which concluded that the property was not in good condition when it was originally leased, but the use of the plant is making the damage worse. Lavalamp has offered to share the cost of the repairs with Capitalrent, but it has not yet had a reply.
(iii) Included in the income statement charge of $2 million for lease rentals is a payment of $600 000 in respect of a five-year lease of an item of plant (requiring ten payments in total). The payment was made on 1 April 20X3. The fair value of this plant at the date it was leased (1 April 20X3) was $5 million. Information obtained from the finance department confirms that this is a finance lease with an implicit interest rate of 10% per annum. The company depreciates plant used under finance leases on a straight line basis (with time apportionment) over the life of the lease. Other plant is depreciated at 20% per annum on cost. The remaining payments were confirmed as being for operating leases of office equipment.
(iv) A provision for income tax for the year to 30 September 20X3 of $3 470 000 is required.
(v) Lavalamp made and accounted for a rights issue on 1 October 2002 of 1 new share for every 4 held at a price of $1.60 per share. The issue was fully subscribed.
Required:
Prepare the financial statements for the year to 30 September 20X3 for Lavalamp in accordance with International Financial Reporting Standards as far as the information permits. They should include:
(a) An income statement
(b) A statement of changes in equity, and
(c) A balance sheet.
Other than for item (ii) above, notes to the financial statements are NOT required, nor is a calculation of earnings per share. Ignore deferred tax.

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$000 112 500 $000 Sales revenue Cost of sales (note (0) Operating expenses Lease rentals (note (ii) Loan interest paid Dividends paid 78 300 11 400 2000 1 000 1 200 Leasehold (20 years) factory at cost (note (i) Plant and equipment at cost Depreciation 1 October 20X2 - leasehold 25 000 34 800 6 250 12 400 - plant and equipment 25 550 21 800 Accounts receivable Inventory-30 September 20x8 Cash and bank Accounts payable Ordinary shares of $1 each Share premium 8% Loan note (issued in 20X0) Accumulated profits 1 October 20x2 4 000 7 300 20 000 10000 25 000 3 600 201 050 201 050