The general ledger trial balance of Medico Ltd, a medical manufacturing and research company, includes the following accounts at 30 June 2022. Dr $ Cr 2 600 000 4 000 52 000 4 000 20 000 2 000 Sales revenue Interest income Gain on sale of plant Rental income Royalty income Other revenue Cost of sales Interest on borrowings Sundry borrowing costs Research expense Advertising expense Sales staff salaries Amortisation of patents Freight out Shipping supplies Depreciation on sales equipment Administrative salaries Legal and professional fees Office rent expense Insurance expense Depreciation of office equipment Stationery and supplies Miscellaneous expenses Income tax expense $ 1640 000 66 000 2000 102 000 50 000 194 000 14 000 64 000 32 000 10 000 144 000 26 000 60 000 28 000 32 000 10 000 4 000 62 000 Additional information Land was revalued upward by $200 000 during the year ended 30 June 2022. The related tax was $60 000. Medico Ltd uses the single statement format for the statement of profit or loss and other comprehensive income. Required Prepare the statement of profit or loss and other comprehensive income of Medico Ltd for the year ended 30 June 2022 in accordance with AASB 101/IAS 1, showing the analysis of expenses by function in the statement The general ledger trial balance of Medico Ltd, a medical manufacturing and research company, includes the following accounts at 30 June 2022. Dr $ Cr 2 600 000 4 000 52 000 4 000 20 000 2 000 Sales revenue Interest income Gain on sale of plant Rental income Royalty income Other revenue Cost of sales Interest on borrowings Sundry borrowing costs Research expense Advertising expense Sales staff salaries Amortisation of patents Freight out Shipping supplies Depreciation on sales equipment Administrative salaries Legal and professional fees Office rent expense Insurance expense Depreciation of office equipment Stationery and supplies Miscellaneous expenses Income tax expense $ 1640 000 66 000 2000 102 000 50 000 194 000 14 000 64 000 32 000 10 000 144 000 26 000 60 000 28 000 32 000 10 000 4 000 62 000 Additional information Land was revalued upward by $200 000 during the year ended 30 June 2022. The related tax was $60 000. Medico Ltd uses the single statement format for the statement of profit or loss and other comprehensive income. Required Prepare the statement of profit or loss and other comprehensive income of Medico Ltd for the year ended 30 June 2022 in accordance with AASB 101/IAS 1, showing the analysis of expenses by function in the statement