Below are the extract financial statements of Flounder Berhad: Flounder Berhad Statement of Financial Position as at 31 December 2020 2019 Non-current asset 970,000 776,000 Intangible asset 300,000 240,000 Current asset 475,000 380,000 1,745,000 1,396,000 Current liabilities 55,000 50,000 Long Term Liabilities 390,000 466,000 Common stock 600,000 480,000 Retained Earnings 700,000 400,000 1,745,000 1,396,000 Flounder Berhad Statement of Comprehensive Income for the year ended 31 December Sales 2020 2019 2,000,000 1,400,000 Sales Return 20,000 14,000 Net Sales 1,980,000 1,386,000 Cost of goods sold 980,000 686,000 Gross Profit 1,000,000 700,000 Administrative expenses 150,000 128,000 Income from operation 850,000 572,000 Interest expenses 15,000 12,500 Income before income tax 835,000 584,500 Tax 250,500 175,350 Net income 584,500 409,150