16.13 Preparation of a statement of profit or loss and other comprehensive income The general ledger trial balance of Oliver Ltd, a medical manufacturing and research company includes the following accounts at 30 June 2019 Sales revenue Interest income Gain on sale of plant $1 300000 2000 26000 2000 10000 1 000 Royalty income Other reenue Cost of sales Interest on borrowings Sundry borrowing costs Research expense Advertising expense Sales staff salaries Amortisation of patents Freight out Shipping supplies Depreciation on sales equipment $820000 33000 1 000 51 000 25000 97 000 7000 32000 16000 5000 72000 13000 30000 14000 16000 5000 2000 31000 Legal and professional fees Office rent expense Insurance expense Depreciation of office equipment Stationery and supplies Miscel laneous expenses Income tax expense Additional information Land was revalued upward by $100000 during the year ended 30 June 2019. The related tax was $30000. Oliver Lid uses the single statement format for the statement of profit or loss and other comprehensive income. Required Prepare the statement of profit or loss and other comprehensive income of Oliver Ltd for the year ended 30 June 2019 in accordance with AASB IOLAS, showing the analysis of expenses by function in the statement