Exercise 4-10 a-c

The following is information for Pronghorn Corp. for the year ended December 31, 2020:

Sales revenue		$1,330,000		Loss on inventory due to decline in net realizable value		$84,000
Unrealized gain on FV-OCI equity investments		40,000		Loss on disposal of equipment		30,000
Interest income		6,000		Depreciation expense related to buildings omitted by mistake in 2019		55,000
Cost of goods sold		798,000		Retained earnings at December 31, 2019		940,000
Selling expenses		66,500		Loss from expropriation of land		58,000
Administrative expenses		46,000		Dividends declared		45,000
Dividend revenue		18,000

The effective tax rate is 25% on all items. Pronghorn prepares financial statements in accordance with IFRS. The FV-OCI equity investments trade on the stock exchange. Gains/losses on FV-OCI investments are not recycled through net income.

Prepare a multiple-step statement of financial performance for 2020, showing expenses by function. Ignore calculation of EPS.