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III Additional Information: 1. The trial balance amount for plant and Equipment is a gross amount. The total accumulated depreciation of applied to plant and Equipment as at December 31, 2025 is $6,000,000. It is the policy of Woodside Global Trading Limited to show the value of Plant and Equipment as a net amount in the financial statements. 2. For the period ended December 31, 2025, Woodside Global Trading Limited recorded a profit of $7,500,000. This amount has yet to be included in the Retained Earnings balance as per the trial balance. 3. The substantial shareholder has indicated that to settle the advance amount, the substantial shareholder as indicated a very strong preference and probability for payment by issuance of new equity. Expense Account Advertising and Marketing Costs Assigned Overhead Direct Labour Direct Material Entertainment Insurance and Utilities Office Supplies Repairs and Maintenance Salaries to Administrative Staff Total Incurred $2,512,000.00 $15,483,000.00 $47,894,000.00 $12,560,000.00 $561,000.00 $1,690,000.00 $590,000.00 $1,457,000.00 $6,801,000.00 III Sales Commissions Travel Costs $21,036,000.00 $1,260,000.00 3. On January 1, 2022, the company sold a block of land held for investment and recognized a gain on the sale of $12,861,000. 4. On April 1, 2022, the company sold equipment that resulted in a loss of $4,891,000. 5. The company incurred finance interest charges during the accounting period of $14,890,000 6. The company is involved in joint venture operations. As a result of poor financial conditions, the company recorded a net loss of $15,069,000 from its share of the joint venture operations. 7. From the operations of its associate firms, the company recorded a net gain of $4,287,000 for the financial period ended June 30, 2022. 8. If the company reports a profit during the year, the effective corporate tax rate is 25%. If a loss is reported the effective tax rate is zero. Required: Using the information supplied, prepare a multi-step income statement for Gulf Barges Limited for the accounting period that is consistent with IFRS IAS 1 requirements and recommendation, and as preferred for this course. (Hint: Expenses should be classified by function (e.g., cost of goods sold) not nature. III Additional Information: 1. The trial balance amount for plant and Equipment is a gross amount. The total accumulated depreciation of applied to plant and Equipment as at December 31, 2025 is $6,000,000. It is the policy of Woodside Global Trading Limited to show the value of Plant and Equipment as a net amount in the financial statements. 2. For the period ended December 31, 2025, Woodside Global Trading Limited recorded a profit of $7,500,000. This amount has yet to be included in the Retained Earnings balance as per the trial balance. 3. The substantial shareholder has indicated that to settle the advance amount, the substantial shareholder as indicated a very strong preference and probability for payment by issuance of new equity. Expense Account Advertising and Marketing Costs Assigned Overhead Direct Labour Direct Material Entertainment Insurance and Utilities Office Supplies Repairs and Maintenance Salaries to Administrative Staff Total Incurred $2,512,000.00 $15,483,000.00 $47,894,000.00 $12,560,000.00 $561,000.00 $1,690,000.00 $590,000.00 $1,457,000.00 $6,801,000.00 III Sales Commissions Travel Costs $21,036,000.00 $1,260,000.00 3. On January 1, 2022, the company sold a block of land held for investment and recognized a gain on the sale of $12,861,000. 4. On April 1, 2022, the company sold equipment that resulted in a loss of $4,891,000. 5. The company incurred finance interest charges during the accounting period of $14,890,000 6. The company is involved in joint venture operations. As a result of poor financial conditions, the company recorded a net loss of $15,069,000 from its share of the joint venture operations. 7. From the operations of its associate firms, the company recorded a net gain of $4,287,000 for the financial period ended June 30, 2022. 8. If the company reports a profit during the year, the effective corporate tax rate is 25%. If a loss is reported the effective tax rate is zero. Required: Using the information supplied, prepare a multi-step income statement for Gulf Barges Limited for the accounting period that is consistent with IFRS IAS 1 requirements and recommendation, and as preferred for this course. (Hint: Expenses should be classified by function (e.g., cost of goods sold) not nature