7 The 31 December 20X2 year-end trial balance for Dynamics Ltd., a private company, showed the following account balances: Dr./(Cr.) $(7,800,000) (8,400,000) (60,000) 4,500,000 700,000 1,800,000 95,e0e 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 28X3 Loss due to bankruptcy of major client 310,000 600,e00 135,000 The company pays income tax at a rate of 20%. Required: Prepare an income statement for the year ended 31 December 20X2 (Enter answers in thousands, not in whole Canadian dollar.) DYNAMICS LTD. Income Statement For the year ended on 31st December, 20x2 (in thousands of Canadian dollars) Total revenue Required: Prepare an income statement for the year ended 31 December 20X2. (Enter answers in thousands, not in whole Canadian dollar.) DYNAMICS LTD. Income Statement For the year ended on 31st December, 20x2 (in thousands of Canadian dollars) Total revenue Total expense from continuing operations Earnings from continuing operations, before income tax Earnings before discontinued operation Discontinued operation Net earnings