Q1: An inexperienced accountant prepared this statement of profit or loss for Peninsula Pty Ltd, a merchandising firm that has been in business for a number of years. As an experienced, knowledgeable accountant, you review the statement and determine the following facts. 1. Net sales consist of sales $496000, less delivery expense on inventory sold $16500, and sales returns and allowances $17500. 2. Other revenues consist of discount received $8700 and rent revenue $4500. 3. Selling expenses consist of salespersons' salaries $44000; depreciation on office equipment $4400; advertising $5500; and sales commissions $3300. The commissions represent commissions paid. At 30 June, $2700 of commissions have been earned by salespersons but have not been paid. 4. Administrative expenses consist of office salaries $20350; dividends $2750; electricity $6600; interest expense $1100; and rent expense $13200, which includes prepayments totalling $3300 for rent for the first quarter of 2023. 5. Financial expenses consist of bank charges $550, and discount allowed $4400. 6. The company tax rate is 30%. Required Prepare a fully classified statement of profit or loss