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Prepare statement of profit or loss and other comprehensive

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The following information relates to a SQL LTD. Profit before tax for the year ended 30 June 2020 was $400,000. The following items were used in determining that profit:

Sales revenue $1,227,600
Cost of sales $514,800
Selling expenses $132,000
Administrative expenses $79,200
Other expenses $48,400
Interest expense $26,400

$426,800

During the year, land was revalued and a gain of $22 000 was recorded. Assume the company's taxation rate is 30c in the dollar.

Required:

Problem 1: Prepare statement of profit or loss and other comprehensive income for the company for the year ended 30 June 2020, in accordance with the requirements of AASB 101.

Reference no: EM132764960

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