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Clean, Clear and detailed answers only. Thanks P4.3 Information for 2020 follows for Rolling Thunder Corp.: Retained earnings, January 1, 2020 1,980,000 Sales revenue 36,500,000
Clean, Clear and detailed answers only. Thanks
P4.3 Information for 2020 follows for Rolling Thunder Corp.: Retained earnings, January 1, 2020 1,980,000 Sales revenue 36,500,000 Cost of goods sold 28,500,000 Interest income 170,000 Selling and administrative expenses 4,700,000 Unrealized gain on FV-OCI equity investments (gains/losses not 320,000 recycled) Loss on impairment of goodwill 520,000 Income tax on continuing operations for 2020 (assume this is correct) 797,500 Assessment for additional income tax for 2018 (normal, recurring, and 500,000 not caused by an error) Gain on disposal of FV-NI investments 110,000 Loss from flood damage 390,000 Loss on disposal of discontinued division (net of tax of $87,500) 262,500 Loss from operation of discontinued division (net of tax of $55,000) 165,000 Dividends declared on common shares 250,000 Dividends declared on preferred shares 70,000 Rolling Thunder decided to discontinue its entire wholesale division (a major line of business) and to keep its manufacturing division. On September 15, it sold the wholesale division to Dylane Corp. During 2020, there were 800,000 common shares outstanding all year. Rolling Thunder's tax rate is 25% on operating income and all gains and losses (use this rate where the tax provisions are not given). Rolling Thunder prepares financial statements in accordance with IFRS. Instructions Prepare a multiple-step statement of financial performance for the year ended December 31, 2020, showing expenses by function. Include calculation of EPSStep by Step Solution
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