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

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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