Question $1$

Accounting for Superannuation Plans

The following information is available for a defined contribution superannuation plan:

Other information:

Accounts payable

$3\mathrm{.}42209$ Advanced Financial Accounting and Reporting $1-1/2019$ Exam

Contributions for the year $2018$

During the year ended $30$ June $2018,$ the Plan incurred administration expenses of $$576$

$000$ and paid benefits of $$2400000.$ Investments with a carrying amount of $$1600000$ at

$30$ June $2017$ were sold for $$1920000$ in August $2017.$ Additional government securities

were purchased during the year at a cost of $$4480000.$

Required:

$($a$)$ Calculate the revenue earned during the year ended $30$ June $2018.$

$($b$)$ Prepare the operating statement for the year ended $30$ June $2018.$

Notes: please provide the answers not the steps on how get the answers.