Question 2: Preparing an Income Statement Ugly Face Surgery Australia Limited is a wholesaler of luxury facial make-up and perfumes. The also provides consultancy services on facial plastic surgery. The company set ip an office in Launceston in 2019 and have established a strong distribution network and consultancy mainland Australia. The financial year of the company is from July I to Jane 30. company throughout the Tasmania and as the company chief financial officer, and the first task assigned to you is to You have just been the income statement for the company for the 2024/2023 financial year (i.e, July 1, 2024 to June 30, 2025). The following notes have been provided to assist you in prepring the income statement I. Number of units sold of ch main business line, and the number ofconsultances performed during the 2024/2025 financial year are: (a) 1,200,000 (facial make-upk (b) 2,591,000 (perfiumes); nd (e) 2. Avenge sle price and consultancy fee are (o) s1845 (facial make-up: (b) S21.25 (perfumes); 3. Avernge cost of each unit sold and consultancy provided is:(a) $14.98 (facial make-up): (b) $12.65 4. The relevant operating expenses are defined in the following table: 31,580 (consultancy). and (c) $52.70 (consultancy). (perfumes); and (c) $32.45 (consultancy). Operating Expense Cost Entertainment Expenses Vehicle Expenses Administration Salaries Legal Service Expenses Depreciation Administration Building Insurance Expense Sales Office Rental Expense Marketing and Advertising Expenses Sales Management Salaries $1.450,000.00 $2,136,000.00 $3,678,400.00 $984,000.00 $5,001,600.00 $450,000.00 5856,000.00 $1,780,000.00 $981,000.00 5. The company also received $4,500,000 in dividend income during the course of the year from its 6. The total finance interest received from cash and cash equivalent balance held during the year amounted to $11,001,100 whilst the company paid $15,024,800 on interest on interest-bearing debt 7. The share of net profit the company received from its associate and joint venture investments 9. During the year the company discontinued a line of business. For the 2024/2025 financial year, the 10. The company at the end of the 2024/2025 financial year had a total of 121,450,000 common shares issued by the company amounted to $2,250,160. 8. The company tax rate is 35%. discontinued operations contributed a net profit of $2,150,124 outstanding Required: Using the scenario information, prepare an income statement for Ugly Face Surgery Australia Limited for the 2024/2025 financial year using correct form based on the specifications of International Accounting Reporting Standards LAS 1. (Include a calculation for basic EPS) 41Pase
