Reference no: EM132778555
Julie Ltd generated revenues by providing services for the financial year ended 30 June 2020. The following transactions that happened during the year are listed below. The company's accountants listed Bad Debts as $300,000. Machinery acquired for the year for $750 000. Following company policies, depreciation was recorded as $400 000. Revenue to the tune of $4, 500, 000 was generated for the current financial year. The company entered into a non-cancellable lease agreement to acquire equipment. Expenses on the lease agreement amounted to $50,000 every year.
Other expenses listed below:
Company worker's wages $900 000
Utilities $100 000
Selling & Administrative expenses $600 000
Other expenses $80 000
During the year the company sold, at a non-taxable profit of $2 million, land no longer required for business operations. On 1 January 2017, the company revalued its buildings by $600 000. Dividends paid on 1 April 2017 were $800 000. Income tax expense for the year calculated at 30%.
Required
Problem 1: Prepare Statement of Comprehensive Income for the year ended 30 June 2020 in accordance with relevant accounting standards. Include Note(s) and/or disclosure requirements (if any). Show all calculations