The trial balance of SAQ at $30$ June $2020$ was as shown below.

SAQ LTD

Trial Balance

as at $30$ June $2020$ Additional information

$1.$ General expenses for the year include the following items.

Depreciation $-$ plant & equipment $$17,200$

Depreciation $-$ buildings $15,000$

Employee benefits $11,600$

Bad debts $10,000$

Interest expense $28,700$

Inventory losses $6,200$

Discount allowed $4,200$

Council rates $16,120$

Superannuation contributions $7,000$

$2.$ The company tax rate is $30\%,$ to be applied to profit before tax.

$3.$ The opening balance of the allowance for doubtful debts was $$15250.$

$4.$ All assets are carried at cost$,$ except for land and buildings, which are carried at fair value.

$5.$ During the year, $50000$ shares were issued at an issue price of $$2$ each, payable in full on application.

$6.$ On $30$ June $2020,$ the directors revalued land and buildings based on fair values. The carrying amounts of land and buildings before the revaluation were $$195000$ and $$350000$ respectively.

$7.$ The mortgage loan is repayable in annual instalments of $$50000$ starting on $1$ March.

$8.$ The debentures are to be redeemed on $31$ March $2020.$ There is no plan to refinance these debentures in the future.

$9.$ The employee benefits payable consist of the following.

Annual leave $$18,400$

Long$-$service leave $15,800$

$10.$ No employee is eligible for long$-$service leave until $2020.$

$11.$ Goodwill is not considered to be impaired.

$12.$ During the year, SAQ Ltd sold an item of plant for $$38000.$ The carrying amount of the plant at the date of sale was $$48000.$

$13.$ During the year, an interim dividend of $$20000$ was paid, and a final dividend of $$10000$ was declared. $$25000$ was also transferred to the general reserve.

Required:

Statement of Profit or Loss and Other Comprehensive Income for SAQ Ltd for the year ended $30$ June $2020,$ according to the requirements of IAS $1/$AASB $101$