Reference no: EM132641872

The records of HACK TO CHOP Co. on December 31, 2021 showed the following information:

Sales                                                 2,000,000

Sales discounts                                     20,000

Cost of sales                                      800,000

Distribution costs                                  96,000

Administrative costs                               240,000

Casualty loss on typhoon                           40,000

Dividends received from investments in FVPL     24,000

Dividends received from investment in associate  48,000

Share in the profit of an associate                    72,000

Dividends declared and paid                              28,000

Interest expense                                          44,000

Unrealized gain on investments in FVPL             30,000

Unrealized gain on investments in FVOCI              38,000

Income tax expense                                         300,000

Loss on revaluation                                             26,000

Re-measurements of the net defined benefit liability (asset) - gain 22,000

Correction of understatement in depreciation in prior year             32,000

Translation adjustment of foreign operation - loss                           8,000

Problem 1: Prepare the Statement of Profit or Loss and Other Comprehensive Income as of December 31, 2021