1)prepare an income statement for the year ended 31 December 20X2. (Enter answers in thousands, not in whole Canadian dollar.)

2)Prepare a statement of retained earnings for the year ended 31 December 20X2. (Enter answers in thousands, not in whole Canadian dollar.)

The 31 December 20X2 year-end trial balance for Dynamics Ltd., a private company, showed the following account balances: Retained earnings, 31 December 20x1 Sales revenue Dividend income from investments Cost of sales Impairment on discontinued plant assets, held-for- sale (before tax) General, selling, and administrative expenses Interest expense Reduction in prior years' earnings due to change in accounting policy, cumulative to 31 December 20x1 (before tax) Dividends declared, to be paid 15 January 20X3 Loss due to bankruptcy of major client Dr./(Cr.) $(8,100,000) (9,100,000) (67,000) 4,850,000 770,000 1,835,000 102,000 380,000 670,000 170,000 The company pays income tax at a rate of 20%