V110 T Additional information: (1) Inventories at 31 December 2021 were valued at $40,000. (2) Depreciation charges (plant and equipment) for the year amounting to $27,000 and $5,000 should be included in distribution costs and administrative expenses, respectively. (3) The income tax rate is 20%. (4) A final dividend of $0.50 per share was declared on 31 March 2022. (5) There were no disposals of any non-current assets during the year. Land was revalued at 31 December 2021 to $90,000. No entries have yet been made to record this. (6) Insurance for delivery vehicles is to be accrued as $2,000. (7) Receivables totalling $10,000 are to be written off (8) Bonus for administration director for 2021 is evaluated as 1% of gross profit (9) General reserve is to be created at $2,000 (10) Allowance for receivables should be created as 2% of net receivables Required: Prepare a) a statement of profit or loss and other comprehensive income for the year ended 31 December 2021, b) a statement of changes in equity for the year ended 31 December 2021 , c) a statement of financial position at that date, d) notes, in accordance with IAS 1 "Presentation of Financial Statements". Your answer should be as complete and informative as possible within the limits of the information given to you. An accounting policy note is also required. V110 T Additional information: (1) Inventories at 31 December 2021 were valued at $40,000. (2) Depreciation charges (plant and equipment) for the year amounting to $27,000 and $5,000 should be included in distribution costs and administrative expenses, respectively. (3) The income tax rate is 20%. (4) A final dividend of $0.50 per share was declared on 31 March 2022. (5) There were no disposals of any non-current assets during the year. Land was revalued at 31 December 2021 to $90,000. No entries have yet been made to record this. (6) Insurance for delivery vehicles is to be accrued as $2,000. (7) Receivables totalling $10,000 are to be written off (8) Bonus for administration director for 2021 is evaluated as 1% of gross profit (9) General reserve is to be created at $2,000 (10) Allowance for receivables should be created as 2% of net receivables Required: Prepare a) a statement of profit or loss and other comprehensive income for the year ended 31 December 2021, b) a statement of changes in equity for the year ended 31 December 2021 , c) a statement of financial position at that date, d) notes, in accordance with IAS 1 "Presentation of Financial Statements". Your answer should be as complete and informative as possible within the limits of the information given to you. An accounting policy note is also required