QUESTION 3 (18 marks) Brands Limited is a manufacturing company with various manufacturing plants. The company has a 30 April financial year-end. During the 2022 financial year, the financial accountant noticed that an error was made in the depreciation calculation of one of its machines for the 30 April 2021 financial year. The following is an extract from the fixed asset register, before the correction of the error, for this particular machine: Carrying Purchase Asset Cost amount date Accumulated depreciation 30 April 2021 (R105 000) 30 April 2021 R1 145 000 Machine A 01 Dec 2020 R1 250 000 Management estimated the residual value and useful life of Machine A as R200 000 and 10 years, respectively. These estimations are still applicable, and no changes to the residual value and useful life were noted since it was brought into use. Machine A's cost price and purchase date has also been confirmed to be correct in the fixed asset register. The company had the following balances: Retained earnings balance at 1 May 2021 R1 180 000 (credit) - Loss for the year 30 April 2021 R88 000 . Profit for the year - 30 April 2022 - R520 000 Dividend paid 31 March 2022 R52 000 You can assume that only the loss for the year affected the retained earnings during the 2021 financial year. No other transactions occurred that affected the company's retained earnings during the 2021 financial year. REQUIRED: 3.1) Prepare the journal entries required in the records of Brands Limited for the current financial year, 30 April 2022, to correct the prior period error. (7 marks) 3.2) Prepare the accumulated profits column of the Statement of Changes in Equity of Brands Limited for the financial year ended 30 April 2022. Comparative figures are required. (11 marks)