The following information was taken from the records of Vega Inc.

for the year 2015: income tax applicable to income from continuing operations R$119,000, income tax applicable to loss on discontinued operations R$25,500, and unrealized holding gain on non-trading equity securities R$15,000.

Gain on sale of plant assets R$ 95,000 Cash dividends declared R$ 150,000 Loss on discontinued operations 75,000 Retained earnings January 1, 2015 600,000 Administrative expenses 240,000 Cost of goods sold 850,000 Rent revenue 40,000 Selling expenses 300,000 Loss on impairment of land 60,000 Sales revenue 1,700,000 Ordinary shares outstanding during 2015 were 100,000.

Instructions

(a) Prepare a comprehensive income statement for 2015 using the one statement approach.

(b) Prepare a retained earnings statement for 2015.