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 20%. Exclude the presentation of earnings per share for this question Account Title Balance Accounts Payable $9,800 Accounts Receivable $12,900 Accumulated Depreciation $1,200 Advertising Expense $1,200 Cash $19,900 Cash Dividends $3,500 Common Shares $9,500 Cost of Goods Sold $20,200 Depreciation Expense Office Equipment $110 Depreciation Expense-Store Equipment $600 Gain on Foreign Currency Translation Adjustments $110 Gain on sale of Discontinued Operations $1,800 Income from Operating Discontinued Operations 58,300 Interest Expense $1,000 Merchandise Inventory $19,600 Miscellaneous Administrative Expenses 5540 Notes Payable $20,000 Office Salaries Expense $1,800 Prepaid Insurance $2,000 Property, plant and Equipment $26,700 Rent Expense-Office $590 Rent Expense Retail 51.230 Rent Expense Retail Retained Earnings (beginning balance) Sales Salaries Expense Sales Discounts Sales Returns and Allowances Sales Revenue Uneamed Revenue $1,210 $18,892 $1,900 $1,200 $720 $50,700 $1,400 Notes: Unlimited common shares are authorized and 2,700 have been issued and are currently outstanding, The notes payable is payable over 5 years and 54,000 will be paid by December 31, 2021, Do not enter dollar signs or commras in the input boxes Bound all answers to the nearest whole number Do not use the negative sign focany values 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 Sales Revenue (net) Cost of Goods Sold Gross Profit Inco rorle Ted Crueu vetetuer 51, 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 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 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 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