1. When preparing Changes in Equity Statement, how is the total comprehensive income under retained earnings for the year 2020, calculated please?

You have been provided with the following financial statements and additional information. Hi Five Ltd Statement of Comprehensive Income for the year ended 31 March 2020 2020 ($) 2019 ($) Sales 95,000 82,000 Less: Cost of Goods Sold 62,000 47,000 Gross profit 33,000 35,000 Other Income Interest Received 6,200 2,400 Profit on Sale of Plant 8,000 Less: Expenses Operating expenses 11,350 8,975 Salaries 9,800 7,500 Depreciation 10,980 9,650 Bad debts 2,500 2,000 Interest expenses 4,000 2,600 Total operating expenses 38,630 30,725 Net profit before tax 8,570 6,675 Less: Income tax expense 2,800 1,980 Net profit after tax 5,770 4,695 Other Comprehensive Income Gain on revaluation of Land 6,500 3,600 Total Comprehensive Income 12,270 8,295 2 |PageAdditional information: 1. The company undertook a share issue during the year for cash. No other transactions related to shares during the year. 2. An interim dividend of $2,000 was declared and paid in December 2019. 3. The land was revalued upwards by $6,500 as of 31 March 2020 and revaluation increment has been credited to Land Revaluation Reserve account. No land purchases and disposals during the year. 4. Plants with a carrying value of $24,020 were sold for cash during the year. 5. No disposal of Long term investments during the year. 6. All Sales and Purchases were on a credit basis. 7. Interest Income was received as earned. 8. Operating expenses except insurance expenses were paid as incurred. The insurance expense for the year was $2,900, Interest expenses were also paid as incurred. However, Salaries and income tax expenses were accrued. 9. Loan repayment during the year was $35,000.Hi Five Ltd Statement of Financial Position as at 31 March 2020 Current assets Cash in the bank 2020 ($) 2019 ($) Accounts receivables 76,500 Inventory 15,270 36,200 Prepaid Insurance expenses 86,000 98,000 Total current assets 2,100 1,800 179,870 136,000 Non-current assets Land 29,500 23,000 Plant and equipment 156,000 132,000 Less: Accumulated depreciation (28000) (20000) Long term Investments 7,700 3,280 Total Non-current Assets 165,200 138,280 Total assets 345,070 274,280 Current liabilities Bank Overdraft 29,000 Accounts Payable 60,000 53,800 Income tax payable 8,000 6,200 Accrued Salaries 2,000 3,000 Total current liabilities 70,000 92,000 Non-current liabilities Borrowings 58,800 23,280 Total non-current liabilities 58,800 23,280 Total liabilities 128,800 115,280 Net assets 216,270 159,000 Shareholders' equity Contributed Equity 174,000 127,000 Land Revaluation Reserve 14,500 8,000 Retained earnings 27,770 24,000 Total shareholders' equity 216,270 159,000