High Sky Ltd incurred the following expenses and revenues for the reporting period ended 30 June 2021 $ Income Interest revenue 400,000 Sales revenue 3,200,000 Expenses Cost of goods sold 110,000 Administration salaries 240,000 Depreciation of office equipment 140,000 Major loss owing to insolvency of customer 220,000 Damage caused by 'space-junk' re-entering 130,000 atmosphere Interest expense 50,000 Income tax expense 300,000 Opening equity 4,900,000 During the year there has been an increase in the revaluation surplus of $80,000 as a result of a revaluation of land. Retained earnings at the beginning of the financial year was $1,950,000 and dividends of $200,000 were paid during the reporting period. Required: Prepare a statement of Profit or Loss and other comprehensive income in a single statement with expenses shown by function) and a statement of changes in equity in compliance with IAS 1