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Question:
Statement of Profit or Loss and Other Comprehensive Income
The general ledger trial balance of James Ltd includes the following accounts at 30 June 2017.
Sales
$975
000
Interest Income
20
Share of profit for associates
15
Gain on sale of PPE
10
Raw materials used
350
Employee benefit expenses
150
Depreciation of PPE
45
Impairment loss on PPE
80
Amortisation expense
25
Interest expense
35
Other expenses
Income tax expense
75
• The financial assets are bonds that are measured at fair value, with changes in fair value recognised in other comprehensive income and accumulated in equity. The revaluation gain for financial assets recognised at fair value through OCI held during the year ended 30 June 2017 was $70 000. The related tax was $21 000. Revaluation gains and losses will not be reclassified.
• No financial assets were sold during the year ended 30 June 2017.
• James Ltd uses the single statement format for the statement of profit or loss and other comprehensive income and analyses expenses by nature.
Required
Prepare the statement of profit or loss and other comprehensive income of James Ltd for the year ended 30 June 2017.
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