2:02 AM udmoodle.ud.ac.ae all etisalat Question 2: Preparation and Presentation of the Income In your new position as chief financial officer for Gulf Barges Limited, the first task you have been assigned to complete is to prepare the income statement for the 12-month period ended June 30, 2022 On your desk on your first day, the previous chief financial officer has left you valuable information to complet the task. 1. Total revenue recorded by Gulf Barges Limited during the accounting period was S185,852,000. Included in the total revenue figure is Other Revenue totalling $21,050,000 and Interest Income totalling $2,453,000. 2. Following is a list of expenses incurred by the company Overhead irect Labour Direct Material 1,690,000.00 $590,000.0 fice Travel Costs 1,260,000 . On January 1, 2022, the company sold a block of land held 4. On April 1, 2022, the company sold equipment that 5. The company incurred finance interest charges during the 6. The company is involved in joint venture operations. As a for investment and recognized a gain on the sale of 12,861,000 resulted in a loss of $4,891,000. accounting period of $14,890,000. result of poor financial conditions, the company recordeda net loss of S15,069,000 from its share of the joint venture operations 7. From the operations of its associate firms, the company recorded a net gain of $4,287,000 for the financial period ended June 30, 2022. 8. If the company reports a profit during the year, the effective corporate tax rate is 25%. If a loss is reported the effective tax rate is zero Required Using the information supplied, prepare an income statement for 2:02 AM udmoodle.ud.ac.ae all etisalat Question 2: Preparation and Presentation of the Income In your new position as chief financial officer for Gulf Barges Limited, the first task you have been assigned to complete is to prepare the income statement for the 12-month period ended June 30, 2022 On your desk on your first day, the previous chief financial officer has left you valuable information to complet the task. 1. Total revenue recorded by Gulf Barges Limited during the accounting period was S185,852,000. Included in the total revenue figure is Other Revenue totalling $21,050,000 and Interest Income totalling $2,453,000. 2. Following is a list of expenses incurred by the company Overhead irect Labour Direct Material 1,690,000.00 $590,000.0 fice Travel Costs 1,260,000 . On January 1, 2022, the company sold a block of land held 4. On April 1, 2022, the company sold equipment that 5. The company incurred finance interest charges during the 6. The company is involved in joint venture operations. As a for investment and recognized a gain on the sale of 12,861,000 resulted in a loss of $4,891,000. accounting period of $14,890,000. result of poor financial conditions, the company recordeda net loss of S15,069,000 from its share of the joint venture operations 7. From the operations of its associate firms, the company recorded a net gain of $4,287,000 for the financial period ended June 30, 2022. 8. If the company reports a profit during the year, the effective corporate tax rate is 25%. If a loss is reported the effective tax rate is zero Required Using the information supplied, prepare an income statement for