The following information was obtained for Lisa’s Fashionista Ltd for the year ended 30 June 2020.

Required

(a) Prepare a statement of profit or loss and other comprehensive income for Lisa’s Fashionista Ltd for the year ended 30 June 2020 so as to comply with the requirements of IAS 1/AASB 101.

(b) Prepare an appropriate note for the disclosure of income.

(c) Prepare an appropriate note for expenses classified by function.

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Administrative expenses Cost of sales Dividends declared Gain on asset revaluation Gain on sale of machinery Income tax expense for current year Losses on investments in equity instruments Net sales revenue Retained earnings (1/7/19) Selling and distribution expenses Uninsured flood loss $ 400 000 1 760 000 200 000 80000 120000 440 000 8000 3 600 000 240000 500 000 40 000