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 Sales returns Carriage outwards Warehouse wages Right-of-use asset Administrative wages Directors' salaries Lease liabilities Investment income Bank overdraft Trade receivables Cash at bank Land Additional information: (1) (2) (3) Warehouse plant and equipment cost Accumulated depreciation 1 January 2021 Delivery vehicle hire Distribution expenses Administrative expenses 30 (5) (6) (7) (8) (9) Dr $000 (10) 60 28 28 80 60 30 20 10 30 590 120 1688 102 380 110 Cr $000 300 20 20 50 26 1092 50 60 30 40 1688 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. The income tax rate is 20%. 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 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.