The following trial balance has been extracted from the books of Middle East Drone Company Ltd. on 31 December 2022 Additional information: 1). Inventory on 31 December 2022 was va

accounting writing question

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Requirements:
The following trial balance has been extracted from the books of Middle East Drone Company Ltd. on 31 December 2022
Additional information:
1). Inventory on 31 December 2022 was valued at cost of $237,500. Included in this balance were
goods that cost $37,500. These goods had become damaged during the year, and it is considered
that the goods could be sold for $12,500 after paying commission of $1,250.
2). Depreciation for the year to 31 December 2022 is to be charged against cost of sales as follows.
Buildings 5% on cost (straight line).
Plant and machinery 30% on carrying amount (reducing balance)
3), Land is to be revalued upwards by $200,000
4), Income tax of $330,000 is to be provided for the year to 31 December 2022.
5.The bank loan is repayable in 6 years time.
6.The directors declared a final dividend of $337.500.
Required:
Prepare the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of financial position for the year ended 31 December 2022.
Note: Show all workings.

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