Chakrabarti Corporation was incorporated and began business on January 1, 2020. It is now seeking a bank loan to finance an expansion. The bank has requested an audited income statement for the year 2020 using IFRS. The accountant for Chakrabarti Corporation provides you with the following income statement, which Chakrabarti plans to submit to the bank: Chakrabarti Corporation Income Statement Sales revenue Dividend revenue Gain on recovery of flood loss Unrealized holding gain on FV-OCI investments $852,000 32,000 26,000 6,000 916,000 Less: Selling expenses 126,000 Cost of goods sold 508,000 Advertising expense 14,000 Loss on inventory due to decline in net realizable value 34,000 Loss on discontinued operations 46,000 Administrative expenses 74,000 802.000 Income before income tax 114,000 Incom Gain on recovery of flood loss Unrealized holding gain on FV-OCI investments 26,000 6,000 916,000 Less: Selling expenses 126,000 Cost of goods sold 508,000 Advertising expense 14,000 Loss on Inventory due to decline in net realizable value 34,000 Loss on discontinued operations 46,000 Administrative expenses 74.000 802.000 Income before income tax 114,000 22.800 91,200 Income tax expense Net income Chakrabarti had 100,000 common shares outstanding during the year and has an effective tax rate of 20%. Required: Prepare a revised multiple-step statement of comprehensive income. The following additional information is provided: 1. Included in accounts receivable is an amount of $15,000 from a customer with financial difficulties. As per manageme collectability of this amount is doubtful. 2. Property, plant and equipment includes an equipment costing $65,000 with accumulated depreciation of $42,500. This no longer used and is held for sale. The accumulated depreciation on the other property, plant and equipment is $577 3. Inventory does not include goods costing $8,000 shipped on consignment. Receivables of $8,000 were recorded on th goods have not yet been sold by the consignee. 4. Investments are recorded at cost and consist of: $225,000 Investments-trading FV-NI (Fair value through net income) with fair value of $175,000 $400,000 Investments in shares (FV-OCI) with fair value of $470,000 $325,000 Patents with indefinite useful lives. 5. Long-term debt includes current principal instalment due of $250,000. Required: Prepare a corrected classified statement of financial position is