Below is the statement of profit or loss for Worldwide Peace Pty Ltd, which was prepared by an accounting intern. The finance manager of Worldwide Peace Pty Ltd is time-poor and asks you to check the statement. The finance manager assures that all transactions incurred in the year 20X2 were recorded correctly. The financial year ends on 31 December.

Worldwide Peace Pty Ltd
Statement of profit or loss
As at 31 December 20X8
Income
Advisory services revenue	160,000
Service revenue received in advance	15,000
Machine - revaluation surplus	5,000
Total income		180,000
Expenses
Electricity expense	15,000
Prepaid insurance	4,800
Wages expense	20,000
Accumulated depreciation	30,200
Office supplies expense	6,000
Total expenses		76,000
Profit		104,000

Required:

Identify any mistakes included in the statement of profit or loss above.