RECENT ASSIGNMENT

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
$ 970 000
651 020
1 598 080
1 750 000
1 716 000
3 400
500
100 000
$6 789 000
Liabilities and equity
Retained earnings (30/6/16)
Liabilities
Share capital (5 000 000 shares)
Reserves and provisions
575 480
1 038 520
4 086 000
1 089 000
$6 789 000
Upon further investigation, you have discovered the following additional information:
(a) Liabilities of $1 038 520 comprise:
Accounts payable
Accrued expenses
Mortgage loans $790 000
8 520
240 000
(b) Reserves and provisions of $1 089 000 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 $400 000
160 000
200 000
10 000
72 000
207 000
40 000
(c) Cash of $1 598 080 consists of:
Cash at bank
10% Telstra bonds (regarded as long-term investments) $ 298 080
1 300 000
(d) Retained earnings balance as at 1 July 2015 was $275 000.
(e) Profit for the period was $500 480.
(f) Shareholder approval is not required for final dividends declared by directors.
(g) During the year, Earth Ltd paid $75 000 to its auditor, of which $19 000 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.