QUESTION 1 Lagos Breweries Plc is a public limited company incorporated under the Companies and Allied Matters Act (CAMA) 2020. The following balances were extracted from the books of Lagos Breweries Plc as at 31 December 2023: Ordinary share capital (N1 each, fully paid): N12,000,000 10% Redeemable preference shares (N1 each): N4,000,000 Share premium account: N3,500,000 Retained earnings (1 January 2023): N6,200,000 General reserve: N1,800,000 Trade payables: N2,750,000 Bank overdraft: N1,200,000 Trade receivables: N4,600,000 Inventory (31 December 2023): N3,900,000 Property, plant and equipment (net): N22,400,000 Intangible assets (net): N1,500,000 Cash and cash equivalents: N870,000 10% Debentures (repayable 2027): N5,000,000 Deferred tax liability: N1,100,000 Current tax payable: N980,000 Dividend payable (preference): N400,000 Additional information: (i) Profit before tax for the year ended 31 December 2023 was N5,600,000. (ii) Income tax expense for the year was N1,680,000. (iii) The directors proposed an ordinary dividend of 15 kobo per share. (iv) A transfer of N500,000 is to be made to general reserve. (v) The debentures are secured by a fixed charge over the company's land and buildings. Required: (a) Prepare the Statement of Changes in Equity for Lagos Breweries Plc for the year ended 31 December 2023. (8 marks) (b) Prepare the Statement of Financial Position for Lagos Breweries Plc as at 31 December 2023 in accordance with IAS 1 (Presentation of Financial Statements) and the requirements of CAMA 2020. (12 marks) (c) State FOUR disclosure requirements relating to share capital that must appear in the notes to the financial statements of a company under CAMA 2020. (5 marks) Total: 25 marks