​​​ Administrative expenses for the year include interest expense of $28 700. b) All assets are carried at cost, except for land and buildings which are carried at valuation. c) During the year, 50000 shares were issued at issue price of $2 each, payable in full on application. d) On 30 June 2012,the directors revalued land and buildings. The revaluation was based on an independent valuation received from FJ Holden, Registered Valuer. The valuation was based on fair values. The carrying amounts of land and buildings before the revaluation were $195000 and $350000 respectively. e) The mortgage loan is repayable in annual instalments of $50000 due on 1 March each year. f) The 7% debentures are to be redeemed at 31 March 2013. There is no plan to refinance these debentures in future. g) The provision for employee benefits consists of: Annual Leave $18000 Long-service Leave $16200 h) No employee is eligible for long-service leave until 2016. i) The company tax rate is 30%. You are required to: Prepare the following statements in accordance to the requirements of AASB 101 (and based on the information above) A. A comprehensive income statement for XYZ Ltd for the year ended 30 June 2012 (7 marks) B. A statement of financial position for XYZ Ltd as at 30 June 2012 (7 marks) C. A statement of changes in equity for XYZ Ltd for the year ended 30 June 2012 (3marks) Problem #2 (Marks 4+4=8)C Ltd has incurred expenditure, the treatment of which is not prescribed by any existing accounting standard. The board of directors has requested the financial accountant record the expenditure as an asset so as not to impact the current year's profit. The accountant is concerned with the request and requires your assistance in determining an accounting policy for this expenditure. Required:A. Provide the accountant with two accounting policies or treatment that the company could adopt to account for this expenditure B. Explain how AASB 108 can help the accountant choose between the policies provided in requirement A.?