V18 The trial balance of Gamma shows the following balances at 31 December 2021: Issued share capital (600,000 shares) Share premium Revaluation reserve (Land) Retained earnings 1 January 2021 Inventory (goods for resale) at 1 January 2021 Revenue Purchases Purchases returns 60 Dr $000 Cr $000 300 20 20 50 1092 590 26 Sales returns 28 Carriage outwards 28 Warehouse wages 80 Right-of-use asset 60 Administrative wages 30 Warehouse plant and equipment-cost Accumulated depreciation 102 50 - 1 January 2021 Delivery vehicle hire 20 Distribution expenses 10 Administrative expenses 30 Directors' salaries 30 Lease liabilities 60 Investment income 30 Bank overdraft 40 Trade receivables 380 Cash at bank 110 Land 120 1688 1688 Additional information: (1) Inventories at 1 January 2022 were valued at $40,000. Depreciation charges for the year amounting to $27,000 and $5,000 are to be included in distribution costs and administrative expenses, respectively. (2) (3) The income tax rate is 20%. (4) (5) (6) (7) (9) A final dividend of $0.50 per share was declared on 31 March 2022. 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. Insurance for delivery vehicles is to be accrued as $2,000. Receivables totalling $20,000 are to be written off Bonus for administration director for 2021 is evaluated as 1% of gross profit 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