Maxine Ltd acquired a mining property in Victoria, called Clarity for $13 million on 1 July 2018 and treated it as an area of interest. Maxine Ltd incurred the costs as below: Year Details $ Amount August 2018 2018 - 2019 Right to explore Exploratory study and drilling 450,000 3,200,000 At the beginning of calendar year 2019, the technical feasibility and commercial viability of mining the diamond deposit were confirmed. The company's experts estimated that there were 10 million carats of diamonds could be commercially exploited. From March 2019 to June 2019, the company undertook the following capital investments: Costs Estimated Life (as at 30 June 2019) Mine buildings $4,600,000 20 years Processing plant $2,700,000 5 years Other equipment $3,010,000 14 years Mine buildings cannot be economically removed from the mine location, but the processing plant and other equipment can be economically removed and have alternative uses. On 30 June 2019, Maxine Ltd estimated that the costs of restoration to be incurred at the end of the mine life, as a result of development and construction activities would be $750,000 because the company wished to portray itself as a responsible corporate citizen. A discount rate of 8% was identified as relevant for its diamond operation. Production commenced on 1 July 2019. It will take 9 years to exhaust this economically recoverable reserves, after which time the mining property is expected to have no residual value. Activities for the year ended on 30 June 2020 were as follows: Carats of diamonds mined Carats of diamonds sold. Selling price of diamond Production costs (excluding depreciation and amortisation) Administration expenses Selling expenses 1,500,000 1,200,000 $52 per carat $25,100,000 $3,800,000 ..$1,600,000 REQUIRED: Assume all costs incurred during the exploration and evaluation phases were capitalised, prepare a detailed statement of profit and loss for the year ended 30 June 2020. Show all workings and full explanations for all intermediate steps. Round your answers to the nearest dollars and use the present value tables provided at the end for your calculation