Required: Prepare the following financial statements for Alpha Ltd in accordance with the requirements of HKASI: (a) a statement of profit or loss and other comprehensive income for the year ended 30 June 2021; (20 marks) (b) a statement of financial position as at 30 June 2021; and (22 marks) (c) a statement of changes in equity for the year ended 30 June 2021. (6 marks) Presentation (2 marks) Total (50 marks) Question 2 On 10 July 2021, Pop Music sold CDs to retailers on account and recorded sales revenue of $700,000 (cost $560,000). Pop grants the right to return CDs that do not sell in 3 months following delivery. Past experience indicates that the normal return rate is 15%. By 11 October 2021, retailers returned CDs to Pop and were granted credit of $78,000. Required: Prepare Pop's journal entries to record (a) the sale on 10 July 2021, and (b) $78,000 of returns on 11 October 2021