ABC Ltd has completed its year 2020 financial statements which provide the following information.

(i) Profit for the year$110,000

(ii)Total comprehensive income$130,000

(iii) Other comprehensive income relates to the revaluation of land and buildings to fair value

(iv)Dividends paid$35,000

(v) Opening equity balancesshare capital $300,000, retained earnings $220,000, asset revaluation surplus $60,000

(vi) No more share capital was issued during the reporting period.

In accordance with IAS 1: Presentation of Financial Statements, which one of the following items would correctly be included in the Statement of Changes in Equity (SOCIE) for the year?

Closing retained earnings$315,000

Closing retained earnings$295,000

Total closing equity$695,000

Total closing equity$655,000