The following information relates to Gee Long Ltd for the year ended 30 June

2014:

Net Profit after Tax	$ 9,875,000
Interim Dividend paid	750,000
Final Dividend declared	1,000,000
Transfer to General Reserve	500,000

Additional capital raised after issuing a prospectus.

10,000,000 Ordinary Shares fully paid on application	5,000,000
Land restated to valuation:
Independent valuation by Chin & Chen at 30 June 2014	2,500,000
Carrying value prior to revaluation	2,312,500

The accounting records of Geelong Ltd at 1 July 2013 show the following:

Share Capital 50,000,000 ordinary shares fully paid	25,000,000
Retained Earnings	300,000
General Reserve	137,500
Asset Revaluation Reserve	2,000,000

Required:

(a) Prepare the Statement of Changes in Equity.

(b) Prepare the notes for Reserves and Retained Earnings only.

Please use the following format:

Statement of changes in equity for the year ended 30 June 2014
	Reserves			Share Capital	Total Equity
	Retained Earnings	General Reserve	Asset Revaluation Reserve
Balance 1 July 2013
Total comprehensive income for the year
Transfers to/from reserves
Transactions with owners
Dividends
Share buy-back
Issue of share capital
Total transactions with owners
Balance 30 June 2014

Notes to the Accounts