Question 16: Statement of Comprehensive Income & Changes in Equity [15 Marks) Suggested Time: You should spend about 30 minutes on this section Part A: 15 Marks) Mr. Naidu has provided the following extract of the equity section from his company's statement of financial position: 2020 2019 Share Capital $3,750,000 $ 3,600,000 General Reserve $ 600,000 $ 100,000 Asset Revaluation Surplus $ 1,040,000 $ 240,000 Retained Profits $ 500,000 $ 680,000 $ 5,890,000 $ 4,620,000 Additional information (a) The company issued 100,000 shares at $1.50 each during the year. (b) Profit for the year was $350,000. (C) Dividends paid during the year were $30,000. (d) A transfer of $500,000 was made from retained earnings to general reserve during the year. (e) Land was revalued by $800 000 during the year. Required: Prepare the statement of changes in equity for this company for the year ended 30 June 2020