Oxford Copper Limited (Oxford) acquired the Charity mining property for $13.5 million in 2017 and treated it as an area of interest. The company began exploring for ore and incurred the following costs in 2017:

Geological studies $65000

Exploratory drilling $345000

Sampling $192000

Economically recoverable reserves of 22 million tonnes of ore were confirmed by geologists in late December 2017. Geologists estimate that once ore extraction commences, the Charity area of interest will be operational for approximately 12 years, after which the ore deposit will be exhausted. The land has an estimated residual value of $160 000. It is company policy and a community expectation that all mine equipment will be removed when the ore deposit is exhausted and the mine site restored to its original condition.

During 2018 the company spent $675 000 developing the property and $1 746 000 on capital assets, as follows:

	Cost	Estimated life
Mine buildings	421,000	18 yrs
Railroad and associated equipments	905,000	25 yrs
Other mine equipment	420,000	10 yrs

The buildings, railroad and associated equipment cannot be economically removed from the mine location, but the other mine equipment can be removed and has alternative uses.

On 31 December 2018 it is estimated that development and construction activities have resulted in $1.2 million of future restoration costs. A discount rate of 8% is identified by the company as best reflecting the risk and commercial conditions associated with the Charity area of interest.

Production commenced on 1 January 2019. The details of operations during the period 1 January 2019 to 31 December 2019 are summarised below.

tonnes of ore mined	1,460,000
Tonnes of ore sold ( at $10 per tonne)	1,320,000
production costs ( excluding depreciation and amortization)	2,120,000
Administration expenses	215,000
Selling expenses	136,000
Income tax expense	1,180,000
Restoration costs	493,000

Required: Prepare an extract from the statement of comprehensive income showing profit after tax for Oxford Copper Ltd for the year ended 31 December 2019 in accordance with AASB 6 and other relevant Australian accounting standards. ( show workings) Tax-effect accounting is not required.