Statement of profit or loss and other comprehensive income   LO4 The general ledger trial balance of James Ltd includes the following accounts at 30 June 2019.

(a) Sales revenue $975 000

(b) Interest income 20 000

(c) Share of profit of associates 15 000

(d) Gain on sale of financial assets 10 000

(e) Decrease in inventories of finished goods 25 000

(f) Raw materials and consumables used 350 000 (g) Employee benefit expenses 150 000 (h) Loss on translation of foreign operations (nil tax effect) 30 000 (i) Depreciation of property, plant and equipment 45 000 (j) Impairment loss on property 80 000 (k) Finance costs 35 000 (l) Other expenses 45 000 (m) Income tax expense 75 000 Additional information • 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. When financial assets from this category are sold, the accumulated amount recognised in equity for the asset is reclassified to profit or loss. Movements in the financial assets revaluation reserve during the year ended 30 June 2019 comprised: – gross revaluation increases recognised $44 000 (related deferred income tax $14 000) – gross reclassifications on sale of financial assets revaluation $10 000 gain (related income tax $3000). • James Ltd uses the single statement format for the statement of profit or loss and other comprehensive income. • James Ltd presents an analysis of expenses by nature in the statement of profit or loss and other comprehensive income. Required Prepare the statement of profit or loss and other comprehensive income of James Ltd for the year ended 30 June 2019.