Information from Cementex Corporations (Cementex) income statements for the years ended December 31, Year 9 and Year

Information from Cementex Corporation’s (Cementex) income statements for the years ended December 31, Year 9 and Year 10, is shown in the following display. Cementex is a Mexican construction firm that applies Mexican accounting standards and reports its results in millions of pesos ($).

Cementex Corporation

Income Statement Data

December 31, Year 10 and Year 9

Assume Cementex had an effective tax rate of 15.11% in Year 10 and 16.35% in Year 9.
a. Compute the missing amounts for each of the two years.
b. Prepare, in good format, an income statement for Cementex for Year 9 and Year 10 assuming the firm appliesIFRS.

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De cember 31 Year 10 Year 9 $236,669 $213,767 157,696 Gross Profit . . .. Administrative and Selling Expenses . 77,320 28,588 33,120 13,405 3,281 . . 580 3 33,925 Financial Expenses 8,809 862 2,387 6,647 1,487 536 (161) 4,905 1,425 34,845 Income (Expense) from Financial Instruments .. . . . . . .. . Other Financial Income (Expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Equity in Income of Associates . .. Portion of Profit Attributable to Minority Interest.... .. . . Portion of Profit Attibutable to Cementex Shareholders. . 837 . . . . . . . .. 27,855