The following information was obtained from the financial records of chaudhary group for the year ended 30 June 2020. Prepare the statement of profit or loss for the year ended 30 June 2020.

Retained earnings 1 July 2019 180 000

Sales revenue from continuing operations for the year 1 200 000

Finance costs 49 000

Estimated income tax expense for the year ended 30 June 2020 101 000

Interim dividends paid (ordinary shares) 40 000

Write off research and development costs 8 000

Share capital (1 million $1 shares) 1 000 000

Expenses from ordinary activities (excluding finance costs) 500 000

a.Prepare the statement of profit or loss for the year ended 30 June 2020

b.Prepare statement of changes in equity for the year ended 30 June 2020.