Question: Apollo Ltd. reported the following information concerning its performance for the current year. Apollo is a manufacturing firm and has reported that it was selling

Apollo Ltd. reported the following information concerning its performance for the current year. Apollo is a manufacturing firm and has reported that it was selling one of its many production divisions, Product X. Selected information: Net Income (before tax) from sales from Product X $20,000 Revenue (from all other product divisions) $2,500,000 (before tax). Cost of Sales (from all other product divisions) $950,000 (before tax). Other expenses (from all other product divisions before tax) $1,025,000 Gain on sale of equipment (which produced product Y) $5,000 (before tax) Gain on sale of equipment that produced product X $3,000. Tax rate 30% (i) Prepare the Income Statement as reflected in AASB 5 from the above information
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