2021. Income Interest revenue Sales revenue Expenses Administration salaries Cost of goods sold Depreciation of office equipment Major loss owing to insolvency of customer Damage caused by a cyclone demolishing part of the factory Interest expense Income tax expense Opening equity '000s 190 1,830 175 810 80 95 76 39 180 2,915 The income tax expense of $180,000 is calculated after considering a tax deduction of $25,080, which related to the damage caused by the cyclone. The tax rate is 33 per cent. During the year there has also been an increase in the revaluation surplus of $87,000 as a result of a revaluation of land of $87,000. The balance of the revaluation surplus at July 1st, 2020 was $0. A new accounting standard has also been introduced, which has a transitional provision allowing initial write-offs to be recognised as a decrease against retained earnings. The decrease against retained earnings amounts to $35,000. Retained earnings at the beginning of the financial year were $2,340,000 and dividends of $240,000 were paid during the financial year. Issued share capital at July 1st, 2020 and June 30th, 2021 was $575,000.