You have also been provided with the following additional information: The accounts receivable and accounts payable balances at the start of the reporting period were $24,600 and $14,700 respectively. At the end of the reporting period, accounts receivable was $31 800 and accounts payable was $29,640. An advertising invoice of $4,440 had not been paid. The business has equipment that cost $60,600. It has a useful life of five years and an expected residual value of $6,600. The insurance expense represents the 12-month premium on a policy that was purchased on 30 April 2021. Required: 1. Prepare the Income Statement for Sunshine Coast Ltd for the year ended 30 June 2021 on an accrual basis.

Section 1: Income Statement (TOTAL: 25 MARKS) The following are financial information from Sunshine Coast Ltd for the 12-month reporting period ended 30 June 2021 on a cash basis: Salese Cost of Goods Sold Gross Profite Advertising Administration Insurance Intereste Rente Salary and Wages + Profit $ $ $ $ $ $ $ $ $ $ 416,100 246,000 170,100 8,400 28,200 5,160 7,140 13,800 42,600 64,800