Question 1 (50 marks) The income statement and the statement of financial position of ANC Limited for the fiscal year 20X1 are as follows: ANC Limited Income statement for the year ended 31 December 20X1 Revenue Cost of goods sold Gross profit Add: Gain on sale of equipment Operating profit Less: Advertising expenses Salary expense General expenses Bad debt expense Depreciation expense Net income $'000 $'000 132,000 99.300 32,700 1,080 33,780 1,790 19,200 1,550 300 1,900 (24,740) 9,040