Amos Corporation was incorporated and began business on January 1, 2017. It has been successful and now requires a bank loan for additional working capital to finance an expansion. The bank has requested an audited income statement for the year 2017 using IFRS. The accountant for Amos Corporation provides you with the following income statement, which Amos plans to submit to the bank:

Amos had 100,000 common shares outstanding during the year. Gains/losses on FV-OCI investments are recycled through net income.
Instructions
(a) Indicate the deficiencies in the income statement as it currently is. Assume that the corporation prepares a single-step income statement.
(b) Prepare a revised single-step statement of comprehensive income.

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AMOS CORPORATION Income Statement Sales revenue Dividend revenue Gain on recovery of insurance proceeds from earthquake loss (unusual) Unrealized holding gain on FV-OCI investments $850,000 32,300 27,300 5,000 914,600 Less: Selling expenses Cost of goods sold Advertising expense Loss on inventory due to decline in NRV Loss on discontinued operations Administrative expenses $100,100 510,000 13,700 34,000 48,600 73,400 Income before income tax Income ta:x Net income 779,800 134,800 33,700 $101.100