Using the information provided below, you are required to prepare for CSE Ltd, Statements of Changes in Equity for the year ended 31 December 2022 [including comparatives):

Total equity as at 31 December 2020Share capital Share premium Available-for-sale reserves Revaluation surplus Retained earnings	TZS
	140,000,000
	28,000,000
	3,880,000
	5,400,000
Dividends declared/paid	17,560,000

Dividends declared/paid

During 2021: Declared 15,000.000

Paid 15,000.000

During 2022: Declared 20

Revaluation of property

The company's headquarters' premises were revalued upwards by TZS 4,000,00 in these properties had been revalued before. Staff houses were revalued downwards in recognizing a surplus of TZS 6,000,000

Issue of shares

During 2021, bonus shares having a nominal value of TZS 5,000.000 were issued. The issue was financed by distributable reserves. In 2022, shares having a nominal value of TZS 7,500,000 were issued for TZS 10,000,000 ca5h.

Available for Sale Financial Assets

The company holds some financial assets which have been classified as "available for sale". During the year ended 31" December 2021, there was an increase in fair value of available-for-sale investments amounting to TZS 1,800,000 as opposed to a decrease in fair value of TZS 556,000 in the year 2022

Profits for the period

Profit after tax for the year 2021 was reported as TZS 24,900,000 in the company's financial statements for the year ended 31=' December 2021 and profit before tax for the year ended 31 December 2022 has been calculated as TZS 43,850,000

Income tax

Current tax expense for the year ended 31^st December 2021 was provisionally reported in the income statement for the year ended 31^st December 2021 as TZS 8,500,000. The 2021 income tax has agreed in the companys financial assessment in 2022 was established to be TZS 8,100,000. The current tax expense for 2022 has been provisionally estimated to be TZS 14,600,000 without taking into account any prior period adjustments.

Revisions

Due to a change in accounting policy, retained earnings as at 31" December 2020 need to be decreased by TZS 560,000 and the 2021 profit is to be decreased by TZS 300,000. During the year ended 31st December 2021, the company discovered that some products sold during 2021 were incorrectly included in inventory at 31" December 2021 at TZS 6,500,000. The agreed income tax for 2021 was based on corrected income figures.