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Edutech Ltd is an online education institution that provides online education to tertiary learners who are pursuing undergraduate degrees, certificates, and diplomas. Edutech Ltd expanded its operations by purchasing a controlling interest in Higheredu Ltd on 1 January 2021. Higheredu Ltd is an online high school that offers schooling to leamers from grades 8 to 12. Being a newly established online high school, Higheredu Ltd has incurred losses within its first two years of operating but has since started to realise profits. Edutech Ltd is of the opinion that Higheredu Ltd will continue to realise profits in the future, as online education is in great demand. Both entities have a 31 December financial year-end. You are presented with the condensed financial statements of Edutech Ltd and its subsidiary, Higheredu Ltd, for the year ended 31 December 2022: STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2022 Balance at 1 January 2022 Changes in equity for 2022 Total comprehensive income: Profit for the year Dividend paid Balance at 31 December 2022 Retained earnings / (Accumulated loss) Edutech Ltd R 230 000 150 000 (5 000) 375 000 Higheredu Ltd R (30 000) 10 000 (20 000)