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In this video tutorial, the presenter demonstrates how to reformat an income statement using an Excel spreadsheet. The income statement for Australian Vintage Limited is analyzed, highlighting that in 2020, the company reported a net profit of 10,953 and comprehensive income totaling 13,252. The presenter indicates that all data has been transferred directly from the financial reports to the Excel sheet. They explain that the reformatting process for the income statement is slightly more complex than for the balance sheet, noting an additional step where mistakes can occur. The tutorial aims to guide viewers through the income statement reformatting process.