ABC Company Share-capital comprise 40,000 ordinary shares. At December 31, 2015, the following information is reported

Sales $1,050,000

Purchase discounts 18,000

Purchases 642,000

Loss on discontinued operations (net of tax) 28,000

Selling expenses 128,000

Cash 60,000

Accounts receivable 90,000

Share capital 200,000

Accumulated depreciation 180,000

Dividend revenue 8,000

Inventory, January 1, 2015 152,000

Inventory, December 31, 2015 125,000

Unearned service revenue 4,400

Accrued interest payable 1,000

Land 370,000

Patents 100,000

Retained earnings, January 1, 2015 290,000

Interest expense 17,000

General and administrative expenses 150,000

Dividends declared 29,000

Allowance for doubtful accounts 5,000

Notes payable (maturity 7/1/18) 200,000

Machinery and equipment 450,000

Materials and supplies 40,000

Accounts payable 60,000

Effective tax rate is 20%

Instructions

(a) Prepare an income statement based on the IFRS approach.

(b) Prepare a retained earnings statement.

(c) Prepare the statement of financial Position based on IFRS approach