Ques?nnl-HnalEnm—S-WLZW An Income Statement and a comparative Balance Sheet for Darby Ltd are as...

Quesﬁnnl-HnalEnm—S-WLZW An Income Statement and a comparative Balance Sheet for Darby Ltd are as mllows' Darby Ltd Comparative Balance SheetA: It 30 June 2006 and 2005 Cash Accounls receivable Allowance ﬁn- rloubtlul debts Inventory Long-term invesn‘nems Land Buildings Accumulated depreciaﬁomMgs Equipment Accumdaled dwreciaﬁon—equipnmlTor-1 lasers Accounls payableAccrued expensesIncome tax payableShcrlAlerm loanMorlgage debecmreBonds payableShare capitalRevalualion reserveGeneral reserveRetained proﬁtsTor-l ﬂahlllrlcs & shareholders‘ cqulry 2006 20053m 5‘01»229 66I45 I23(16] (12]175 190214 169172 149186 225(75] (81]431 432(214] (I49]5 1253 g 1122$ 8? s 5127 1115 239 2o75 o109 259491 42032 1273 29330 292s Igs: a; 1,122 16 mm ma.Income SIIICIIIBIII For Year Ended 30 June 2006Sales S 1,320,000Cost of goods sold (1,110,000:Gross proﬁt S 410,000Evens-at:Bad dehl expense S (5,000)Insurance expense (9,000)Other experees (198,000)Interest expense (25,000)Loss on disposal ofland ;|8,000;[265,00]:S 145,00001m income:Gain on sale ofhuildings 5 31,000Dividends received 5,000i 36 [III]onﬁtlaefore incometax S 101,000Income lax payable {67,000}Nelpmﬁt s 1 I4 one The following additional information during the year was obmined Rom an examination othe ledger. Budeiugs will: original oosl of $89,000 and acmmulaled deprecialion of$43,000 were sold Apalcel ofland with an original cost £560,000 was disposed of.Another parcel ofland was revalued upward.Abacus share issue of5|5,000 was declared our ofﬂevaluarion Reserve. 1″.ll