Below is a list of accounts and balances for Sandals Inc. for the year ending December 31, 2020. All balances are in thousands of dollars. Sandals Inc. follows IFRS. Assume a tax rate of 25% Exclude the presentation of earnings per share for this question Account Title Balance Accounts Payable $9.600 Accounts Receivable $12.700 Accumulated Depreciation $1,400 Advertising Expense SL 100 Cash $19.300 Cash Dividends $5,000 Common Shares $9.000 Cost of Goods Sold $23.200 Depreciation Expense-Office Equipment 590 Depreciation Expense-Store Equipment $900 Gain on Foreign Currency Translation Adjustments $240 Gain on Sale of Discontinued Operations $2.400 Income from Operating Discontinued Operations $7.200 Interest Expense $1.150 Merchandise Inventory 518-300 Miscellaneous Administrative Expenses 5410 Notes Payable $23.000 Office Salaries Expense $1.500 $1.500 $1.600 $25,700 $590 $1.310 Une salaries Expense Prepaid Insurance Property. Plant and Equipment Rent Expense-Office Rent Expense-Retail Retained Earnings (beginning balance) Sales Salaries Expense Sales Discounts Sales Returns and Allowances Sales Revenue $12,465 $1,900 $900 $1,010 $58,000 Unearned Revenue $1,800 Notes: Unlimited common shares are authorized and 2,300 have been issued and are currently outstanding, The notes payable is payable over 5 years and $4,600 will be paid by December 31, 2021. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole number. Do not use the negative sign for any values. a) Prepare a statement of comprehensive income by function for the year ended December 31 2020. Sandals Inc. Statement of Comprehensive Income For the Year Ended December 31, 2020 CCADA Sandals Inc. Statement of Comprehensive Income For the Year Ended December 31, 2020 Sales Revenue (net) 56090 Cost of Goods Sold 23200 Gross Profit 32890 Selling Expenses 5210 Administrative Expenses 2590 Operating Profit 25090 Finance Costs 1000 Profit before Income Tax 24090 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 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 Flip Flop Inc. did not issue any new common shares in the fiscal year ended December 31, 2020, Sandals 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 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 Prepare a statement of financial position as at December 31, 2020 Sandals 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 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 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 Uneamed Revenue Notes Payable. Current Portion Total Current Liabilities Total Liabilities Total Equity and liabilities