Statement of profit or loss and other comprehensive income

The general ledger trial of James Ltd includes the following accounts at 30 June 2019

Sales revenue $975000

interest income 20000

Share of profit of associates 15000

Gain on sale of financial assets 10000

Decrease in inventories of finished goods 25000

Raw materials and consumables used 350000

Employee benefit expenses 150000

Loss on translation of foreign operations (nil tax effect) 30000

Depreciation of property, plant and equipment 45000

Impairment loss on property 80000

Finance costs 35000

Other costs 45000

Income tax expense 75000

Additional information

The financial assets are bonds that are measured at fair value, with changes in fair value recognised through profit or loss statement. When held for sale financial assets from this category are sold, the accumulated amount recognised in equity for the asset is reclassified to profit or loss. Movements in the financial assets revaluation reserve during the year ended 30 June 2019 comprised:

gross revaluation increases recognised $44000 (related deferred income tax $14000)

gros reclassification on sale of the financial assets $10000 gain (related income tax $3000)

Required

Prepare the statement of profit or loss and other comprehensive income of James Ltd for the year ended 30 June 2019.