Question 1 The following account balances are taken from the books of Gibson Ltd on 30 June 2020. Revenues and expenses are for the financial year ended 30 June 2020 (i.e. 01 July 2019 to 30 June 2020). The opening retained profits balance is as at 01 July 2019. . Account Name Share capital Plant & equipment, at cost Accounts payable Account receivable Cash Cost of goods sold Electricity expense Revenue $ 250,000 152,000 8,140 13,450 4,610 10,500 5,700 194,000 9,000 52,000 59,720 90,000 18,000 300,000 4,200 47,000 3,400 Depreciation expense Provision for employee entitlements (noncurrent) Opening Retained profits, (i.e. 01 July) Wages expense Inventory Land & Buildings Advertising expense Accumulated depreciation Plant & equipment Telephone expense 1. Prepare a note for retained profits for the year ended 30 June 2020. All financial statements must be appropriately classified