$46$

Revision Question $2$

The following balances were taken from the books of Panevik Bhd$.$ on $31$ December $2018.$

$\backslash$table$[[$Interest revenue,RM $86,000,\backslash$table$[[$Accumulated$],[$depreciation$-$Buildings$]],$RM $28,000],[$Cash$,51,000,$Notes receivable,$155,000],[$Sales revenue,$1,280,000,$Selling expenses,$194,000],[$Accounts receivable,$150,000,$Accounts payable,$170,000],[$Prepaid insurance,$20,000,$Bonds payable,$100,000],[\backslash$table$[[$Sales returns and$],[$allowances$]],150,000,\backslash$table$[[$Administrative and$],[$general expenses$]],97,000],[\backslash$table$[[$Allowance for doubtful$],[$accounts$]],7,000,$Accrued liabilities,$32,000],[$Sales discounts,$45,000,$Interest expense,$60,000],[$Land$,100,000,$Notes payable,$100,000],[$Equipment$,200,000,\backslash$table$[[$Loss from impairment$],[$of plant assets$]],120,000],[$Buildings$,140,000,$Share capital$-$ordinary,$500,000],[$Cost of goods sold,$621,000,$Retained earnings,$21,000],[\backslash$table$[[$Accumulated depreciation$-],[$equipment$]],40,000,,]]$

Assume the total effective tax rate on all items is $34\%.$

REQUIRED

Prepare Statement of Profit or Loss and Other Comprehensive Income $($one statement format$)$ for Panevik Bhd$.$ for the year ended $31$ December $2018.$