The general ledger trial balance of Phillip Ltd includes the following accounts at 30 June 2023.

• A revaluation gain of \($22\) 000 net of tax was recognised for financial assets recognised at fair value through other comprehensive income held during 2023.

• No financial assets recognised at fair value through other comprehensive income were sold during the year.

• Phillip Ltd uses the single statement format for the statement of profit or loss and other comprehensive income and classifies expenses by function.

Required 

Prepare the statement of profit or loss and other comprehensive income of Phillip Ltd for the year ended 30 June 2023, showing the analysis of expenses in the statement.

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(a) Sales rev revenue (b) Interest income (c) Gain on sale of plant and equipment (d) Cost of sales (e) Admin expenses (f) Selling and distribution costs (g) Finance expenses (h) Income tax expense $ 820 000 32 000 15 000 360 000 27 000 64 000 13.000 95 000