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This video tutorial demonstrates how to reformat an income statement using an Excel sheet, specifically for Australian Vintage Limited. The presenter has entered data directly from the financial reports, showing a net profit of 10,953 for the year 2020, along with a total comprehensive income of 13,252. The reformatting process for the income statement is described as slightly more complex than that of a balance sheet due to an additional step that may lead to mistakes. The tutorial then proceeds to explain how to carry out the reformatting of the income statement.