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P4.8 The following account balances were included in the trial balance of Reid Corporation at June 30, 2020: Sales revenue $1,835,050 Telephone and Internet expense Cost of goods sold 1,071,770 (office) $ 2,820 Salaries and wages expense 56,260 Salaries and wages (office) 7.320 (sales) Sales commission expense 97,600 Supplies expense (sales) 4,850 Advertising expense (sales) 28,930 Repairs and maintenance expense 9,130 (office) Freight out 21,400 Depreciation understatement due to Entertainment expense (sales) 14,820 error-2018 (net of tax of 17,700 $3,300) Telephone and Internet expense 9,030 Miscellaneous expense (office) 6,000 (sales) Depreciation of sales equipment Dividend revenue 38,000 Repairs and maintenance Interest expense 18,000 expense (sales) 6,200 Income tax expense 133,000 Miscellaneous expenses (sales) 4,715 Dividends declared on preferred Supplies expense (office) 3,450 shares 9,000 Depreciation expense on office Dividends declared on common furniture and equipment 7,250 shares 32,000 During 2020, Reid incurred production salary and wage costs of $710,000, consumed raw materials and other production supplies of $474,670, and had an increase in work-in-process and finished goods inventories of $112,900. The Retained Earnings account had a balance of $292,000 at June 30, 2020, before closing. There are 180,000 common shares outstanding. Assume Reid has elected to adopt IFRS. (Hint: Production payroll and materials costs reduced by the increase in ending work-in-process and finished goods inventories = the cost of goods sold.) 4,980 Instructions a. Prepare an income statement for the year ended June 30, 2020, using the multiple-step format and showing expenses by function. b. Prepare the retained earnings portion of the statement of changes in equity for the year ended June 30, 2020. c. Prepare an income statement for the year ended June 30, 2020, using the single-step format and showing expenses by nature