Meridian Manufacturing Plc provided the following trial balance extract as at 30 September 2023: Dr (N'000) Cr (N'000) 8% Debentures (2028) 5,000 Ordinary Share Capital (N0.50 shares) 10,000 Share Premium 2,500 General Reserve 3,200 Retained Earnings (1 Oct 2022) 1,800 Gross Profit 18,400 Distribution Costs 3,600 Administrative Expenses 4,200 Debenture Interest paid (6 months only) 200 Inventory (30 Sept 2023) 2,100 Trade Receivables 4,800 Trade Payables 2,950 Cash and Bank 1,750 Property, Plant & Equipment (net) 22,400 Provision for Taxation (2022) 480 Interim Ordinary Dividend paid 600 Additional Information: (i) The full year's debenture interest has not yet been accrued (ii) Corporation tax for the year is estimated at N2,100,000 (iii) The previous year's tax provision of N480,000 was agreed with the tax authority at N510,000; the difference is to be adjusted in the current year (iv) The directors propose a final ordinary dividend of 8 kobo per share (v) N800,000 is to be transferred to General Reserve You are required to prepare: (a) The Income Statement (Statement of Profit or Loss) for the year ended 30 September 2023. (10 marks) (b) A Statement of Changes in Equity for the year ended 30 September 2023, showing movements in: Share Capital, Share Premium, General Reserve, and Retained Earnings. (8 marks) (c) Define 'Debenture' and state ONE advantage of debenture financing to a company compared to issuing new shares. (4 marks)