a) Prepare a statement of comprehensive income by function for the year ended December 31, 2020. Beach Wear Inc. Statement of Comprehensive Income For the Year Ended December 31, 2020 Sales Revenue (net) Cost of Goods Sold Gross Profit Selling Expenses Administrative Expenses Operating Profit Finance Costs Profit before Income Tax Income Tax Expense Profit for the Year from Continuing Operations Profit for the Year from Discontinued Operations Profit for the Year Other Comprehensive Income,Net of Tax Gain on Foreign Currency Translation Adjustments (net of tax) Total Comprehensive Income b) Prepare a statement of changed in equity for the year ended December 31, 2020. There was no opening balance in the accumulated other income account and FlipFlop Inc did not issue any new common shares in the fiscal year ended December 31, 2020. Beach Wear Inc. Statement of Changed in Equity For the Year Ended December 31, 2020 Common Shares Retained Earnings Reserves Total Equity Opening Balance Profit for the Year/Net Income Other Comprehensive Income Foreign Currency Translation Adjustments Total Comprehensive Income Transactions with Owners Dividends on Common Shares Total Transactions with Owners Closing Balance C) Prepare a statement of financial position as at December 31, 2020. Beach Wear Inc. Statement of Financial Position As at December 31, 2020 Assets Long-Term Assets Property, Plant and Equipment (net) Total Long-Term Assets Current Assets Prepaid Insurance Merchandise Inventory Accounts Receivable Cash Total Current Assets Total Assets Equity Attributable to Owners Common Shares, unlimited authorized issued Retained Earnings Reserves Total Equity Attributable to Owners Liabilities Long-Term Liabilities Notes Payable, Long-Term Portion Total Long-Term Liabilities Current Liabilities Accounts Payable Unearned Revenue Notes Payable, Current Portion Total Current Liabilities Total Liabilities Total Equity and Liabilities Below is a list of accounts and balances for Beach Wear Inc. for the year ending December 31, 2020. All balances are in thousands of dollars. Beach Wear Inc follows IFRS. Assume a tax rate of 20%. Exclude the presentation of earnings per share for this question. Account Title Balance Accounts Payable $8,500 Accounts Receivable $13,100 Accumulated Depreciation $1,100 Advertising Expense $1,400 Cash $20,000 Cash Dividends $4,300 Common Shares $13,500 Cost of Goods Sold $19,520 Depreciation Expense-Office Equipment $801 Depreciation Expense-Store Equipment $600 Gain on Foreign Currency Translation Adjustments $130 Gain on Sale of Discontinued Operations $2,000 Income from Operating Discontinued Operations $7.900 Interest Expense $1,100 Merchandise Inventory $ 17,600 Miscellaneous Administrative Expenses $480 Notes Payable $22,000 Office Salaries Expense $1,700 Prepaid Insurance $1,900 Property, Plant and Equipment $26,100 Rent Expense-Office $420 Rent Expense-Retail $1,460 Retained Earnings (beginning balance) $14,152 Sales Salaries Expense $2,600 Sales Discounts $900 Sales Returns and Allowances $760 Sales Revenue $48,800 Unearned Revenue $1,500 Notes: Unlimited common shares are authorized and 2,360 have been issued and are currently outstanding. The notes payable is payable over 5 years and $4,400 will be paid by December 31, 2021