Reference no: EM132519523

Mackay Ltd reported sales revenue of $16 million for the year ended 30 June 2017. In preparing the financial statements the following matters were considered:

1. Income tax expense for the year ended 30 June 2017 was $218 640.
2. Financial restructuring has resulted in the disposal of land, bought in 2006 for future expansion, for a profit of $200 000.
3. A dividend of $26 000 has been received from a subsidiary company.

Other expenses incurred:

Interest              $480 000

Wages and salaries 5,492,000

Selling expenses     2,500,000

Administration expenses 100,000

Bad debts              200,000

Other expenses       440,667

Electricity/water   480,000

Cost of sales 5,000,000

1. On 10 October 2016, plant with a carrying amount of $320 000 was destroyed by an earthquake.
2. During the period, property assets were revalued upwards by $120 000 (net of tax).
3. The foreign currency translation reserve fell by $60 000 as a result of translating the financial statements of a foreign operation.
4. Balance of retained earnings as at 1 July 2016 was $567 040.

Required

Question 1: Prepare a statement of comprehensive income in accordance with the requirements of AASB 101.