70,000 30,000 118,000 40,000 2,100 486,000 The following account balances were included in the adjusted trial balance of NorthCo at February 28, 2015. All accounts have normal balances: Accumulated depreciation, equipment... Accumulated depreciation, office furniture... Accumulated other comprehensive income. Advertising expense... Allowance for doubtful accounts Common shares... Cost of goods sold.. 1,196,000 Depreciation expense, 2014 expense, understated due to error 17,000 Depreciation expense, equipment Depreciation expense, office furniture.. 8,400 8,400 Dividends declared on common shares. 27,000 Dividends declared on preferred shares.. 49,000 Entertainment expense... Freight-out.... Gain on disposal. 12,000 31,000 53,000 Gain on sale of land... 63,000 Interest expense. 13,000 Miscellaneous operating expenses (administrative). 6,000 Preferred shares. 76,000 Rent expense. 45,000 Retained earnings... 165,000 Salaries expense. 90,000 Sales . 2,600,000 Sales commissions expense... 126,000 Sales discounts... 15,000 Sales returns and allowances. 84,000 7,000 28,000 Telephone and internet expense (administrative).. Unrealized gain on AFS investments (OCI).. Additional information: The company is publically traded and follows IFRS and its income tax rate is 30%. On February 28, 2015, the number of common shares outstanding was 104,000 and there were no changes to common shares during the fiscal year. The ending balance for preferred shares of $76,000 includes issuing 500 preferred shares at $12 per share in the current year. The market price per common share on the reporting date was $22.07. Additional information: The company is publically traded and follows IFRS and its income tax rate is 30%. On February 28, 2015, the number of common shares outstanding was 104,000 and there were no changes to common shares during the fiscal year. The ending balance for preferred shares of $76,000 includes issuing 500 preferred shares at $12 per share in the current year. The market price per common share on the reporting date was $22.07. a) Calculate the net income (loss) for the year ended February 28, 2015. Please make sure your final answer(s) are accurate to the nearest whole number. Net income (loss) = $ b) Prepare a statement of changes in equity for the year ended February 28, 2015. Please make sure your final answer(s) are accurate to the nearest whole number. NorthCo XXXXXXX + + + +++++ Statement of Changes in Equity For the Year Ended February 28, 2015 Shares Earnings Other Preferred Common Retained Accumulated Total Shares Equity Comprehensive Income c) Required disclosure: Calculate the tax amount for the correction of the prior period error for depreciation expense. Please make sure your final answer(s) are accurate to the nearest whole number. Tax amount = $ d) Calculate the price-earnings ratio. Please make sure your final answer(s) are accurate to 2 decimal places. (Hint: Calculate earnings per share first and round this to the nearest 2 decimal places.) Price-earnings ratio = times