he statement of financial position, statement of changes in equity and notes

A junior accounts clerk has prepared the following summarised information as at 30 June 2016 for Heaven Ltd:

Assets

Inventories (at lower of cost and net realisable value)

Accounts receivable

Cash

Land and buildings

Plant and equipment

Prepayments

Calls in arrears (2500 shares at 20c)

Patents — cost

$  970000

651020

1598080

1750000

1716000

3400

500

    100000

$6789000

Liabilities and equity

Retained earnings (30/6/16)

Liabilities

Share capital (5000000 shares)

Reserves and provisions

575480

1038520

4086000

 1089000

$6789000

Upon further investigation, you have discovered the following additional information:

(a) Liabilities of $1038520 comprise:

Accounts payable

Accrued expenses

Mortgage loans

$790000

8520

240000

(b) Reserves and provisions of $1089000 include:

Employee benefits (payable after 1 July 2023)

Current tax liability

Dividends

Allowance for impairment of receivables

Accumulated depreciation – plant and equipment

Accumulated depreciation – buildings

Accumulated amortisation – patents

$400000

160000

200000

10000

72000

207000

40000

(c) Cash of $1598080 consists of:

Cash at bank

10% Telstra bonds (regarded as long-term investments)

$  298080

1300000

(d) Retained earnings balance as at 1 July 2015 was $275000.

(e) Profit for the period was $500480.

(f) Shareholder approval is not required for final dividends declared by directors.

(g) During the year, Earth Ltd paid $75000 to its auditor, of which $19000 related to services other than the annual audit and half-yearly review.

Required

Prepare, for Heaven Ltd, the statement of financial position, statement of changes in equity and notes thereto at 30 June 2016 in accordance with the requirements of AASB 101.