The following trial balance was extracted from the books of Old NV on 31 December 20X1.

Note of information not taken into the trial balance data:
(a) Provide for:
(i) An audit fee of €38,000.
(ii) Depreciation of plant at 20% straight-line.
(iii) Depreciation of vehicles at 25% reducing balance.
(iv) The goodwill suffered an impairment in the year of €177,000.
(v) Income tax of €562,000.
(vi) Debenture interest of €25,000.
(b) Closing inventor y was valued at €1,125,000 at the lower of cost and net realizable value.
(c) Administrative expenses were prepaid by €12,000.
(d) Land was to be revalued by €50,000.

Required:
(a) Prepare a statement of income for internal use for the year ended 31 December 20X1.
(b) Prepare a statement of comprehensive income for the year ended 31 December 20X1 and a statement of financial position as at that date in Format 1 style ofpresentation.

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Returns outwards Provision for depreciation Vehicles Rent receivable Trade payables Debentures Issued share capital ordinary l shares Issued share capital preference shares (treated as equity) Share premium Retained earnings 100 3,125 6,263 Returns inwards Carriage inwards Carriage outwards Salesmen's salaries Administrative wages and salaries 800 738 100 1,562 1,125 Plant (includes 362,000 acquired in 20XI) Motor vehicles Distribution costs Directors' remuneration Trade receivables Cash at bank and in hand 3,875 9539 19,539