You are required to prepare a statement of Comprehensive Income and a Statement of changes in Equity as per IAS 1. The Expenses and Income for White Ltd for the year ended 31 December 2021 is as follows: Interest Income Sales Revenue Expenses 000's 600 4,800 Cost of Goods Sold 1650 Administrative Cost 510 Depreciation 210 Loss-Customer Insolvency 330 Other Damages 195 Interest Expenses 75 Corporation Tax Expenses 450 Opening equity 7,380 Additional Notes: Revaluation surplus of 240,000 as a result of a revaluation of land whereas the balance of the revaluation surplus on 1 January 2021 was nil. The decrease against retained earnings amounts to 150,000. As per new accounting standard the initial write-offs are to be recognised as a decrease against retained earnings. Issued share capital on 1 January 2021 and 31 December 2021 was 1,530,000. Retained earnings at the beginning of the financial year were 5,850,000 Dividends of 600,000 were paid during the financial year. The income tax expense of 450,000 is calculated after considering a tax deduction of 64,350, which related to the damages caused. The tax rate is 33 per cent.