Question $1(25$ marks$)$

Some account balances were extracted from the books of Nauru International Limited

for the year ended March $31,2023($ $ in thousands$)$: sale revenue $$321,000$; cost of

goods sold $$284,930$; selling and distribution expenses $$9,400$; general and

administrative expenses; $$18,220$; loss from operations of discontinued component

$$17,000$; other income $$43,000$; interest expense $$180$; dividend revenue $$85$;

disposal of equipment $$430$; inventory $$172.$

Additional information: All transactions are material in amount.

$(1)$ Included in other income is $$36$ million in gain from sale of a discontinued

operation.

$(2)$ The net realizable value of inventory estimated by directors to be $$129,000$ at

fiscal year$-$end.

$(3)$ One of the company's factories was closed during the year. Restructuring costs

for $$360,000$ are included in administrative expenses.

$(4)$ During the year, a large customer returned goods for $$800,000,$ but the relevant

transaction has not been recorded. Cost of the related sales amounted to

$$650,000.$

$(5)$ Investments of costs $$460,000$ were sold during the year for $$340,000.$

$(6)$ Unrealized holding loss of $$170,000$ on FVOCl $($AFS$)$ investment was

determined at year end.

$(7)$ Revaluation of PPE performed at fiscal year$-$end showed a surplus of $$290,000.$

$(8)$ "Disposal of equipment" represents the sales proceeds of equipment sold during

the year. The carrying amount of equipment was $$340,000.$

$(9)$ Income taxes have not yet been recorded. The company's income tax rate on all

items affecting comprehensive income is $20\%.$

Required:

Prepare a single, continuous Statement of Comprehensive Income $($using function of

expenses method$)$ for the year ended March $31,2023.$

You are required to present the figures in thousands. The presentation of the

financial statement has to comply with the format required under IFRS.

$($Total $25$ marks$)$

Requirement

Prepare a single, continuous Statement of Comprehensive Income $($using function of expenses

method$)$ for the year ended March $31,2023.($Write the answers in the space provided below$)$