1. The income tax expense of $150 000 is calculated after considering a tax deduction of $21 450, which related to the damage caused by the space junk. The tax rate is 33 per cent.
2. During the year there has also been an increase in the revaluation surplus of $80 000 as a result of a revaluation of land of $80 000. The balance of the revaluation surplus at 1 July 2018 was Nil.
3. A new accounting standard has also been introduced, which has a transitional provision allowing initial write-offs to be recognised as a decrease against retained earnings. The decrease against retained earnings amounts to $50 000. Retained earnings at the beginning of the financial year were $1 950 000, and dividends of $200 000 were paid during the financial year.
4. Issued share capital at 1 July 2018 and 30 June 2019 was $510 000.
a statement of profit or loss and other comprehensive income (in a single statement with expenses shown by function) and a statement of changes in equity.