An excerpt of certain SMU Inc.'s accounts, a retail company, as of/ for the year ended December 31, 2019 is presented below. NOTE: All adjusting entries have been prepared EXCEPT for the 2019 income tax entries. (ie, All numbers above are before tax.) SMU is subject to a 30% income tax rate. SMU follows IFRS. Amount Accumulated other comprehensive LOSS, Jan 1, 2019 $ 900 3,100 Accumulated depreciation Accrued liabilities 1,020 Cost of goods sold 10,520 Contributed surplus 142 Required: 1) Calculate for SMU for 2019 (you must show and label all calculations; round all amounts to the nearest dollar): a) Net sales b) Gross profit c) Income from operations d) Income from continuing operations e) Income from discontinuing operations f) Net income g) Comprehensive income h) Adjusted income tax payable (at Dec 31, 2019) Common shares (10,000 shares outstanding throughout the year) 1,200 Depreciation expense 434 Dividends declared - preferred shares 160 460 220 2) Are operating expenses categorized by nature or function? Dividends declared - common shares Finance expense Gain on sale of equipment Gain on sale of assets of discontinued operation Income tax payable 82 300 0 3) Calculate (you must show and label all calculations): a) earnings per share from continuing operations b) earnings per share from discontinued operations c) earnings per share Interest revenue 80 Loss from the operations of discontinued operations 260 800 4) Prepare the Statement of Changes in Equity in good form for SMU Inc. for the year ended December 31, 2019. Marketing expenses Preferred shares (400 preferred shares outstanding throughout the year) 640 Prepaid rent 198 620 Revenue error from 2018 (revenue was understated in 2018 by this amount) Rent expense 990 Retained earnings, Jan 1, 2019 1,200 Salaries expense 1,520 Sales discounts 50 Sales revenue 18,500 Unrealized gain on investments - Oci (other comprehensive income) 250