Cardinal Manufacturing, Ltd., an IFRS reporter, provided the following information from its current- year trial balance.

Required
Prepare a statement of net income and additional disclosure that would meet IFRS presentation requirements. Indicate items IFRS requires to be reported on the income statement. The tax rate is 40%.

Transcribed Image Text:

Cardinal Manufacturing, Ltd. Trial Balance For the Current Year Ended Debit Credit 3,876,000 2.720,000 Account Common Stock (no pari-Beginning Balance Retained Earnings-Beginning Balance Accumulated Other Comprehensive Income-Beginning Balance Dividends Sales Interest Income Income from Share of Associates Gain on Disposal of Plant Assets Gain on Flood Damage-efore Tax Unrealized Gain on Available forSale Bonds Cost of Goods Soid Selling Expenses Office Supplies Expense Sales Salaries Expense Advertising Expense Office Salaries Expense Systems Consulting Fees-General Depreciation Expense General Interest Expense Loss on Asset Impairment Loss on Discontinued Operations-Bf Tax 85,675 S 58,500 2,500,000 4,500 75,000 100,500 56,000 45,600 980.000 20,000 123,500 145,000 68,900 78,500 44,550 130,000 98,750 9.350 140,000