Grouper Corporation, a clothing retailer, had income from operations (before tax) of $360,000, and recorded the following before tax gains/Llosses) for the year ended December 31, 2020: Gain on disposal of equipment 25,920 Unrealized (lossgain on FV-Ni investments (51.840) (Loss)/gain on disposal of building (65,280) Gain on disposal of FV.Ni investments 31,680 Grouper also had the following account balances as at January 1, 2020- Retained earnings Accumulated other comprehensive Income (this was due to a revaluation surplus on land) Accumulated other comprehensive income (this was due to gains on FV-OCH investments! $393.600 65,360 52.800 As at January 1, 2020. Grouper had one piece of land that had an original cost of $142,000 that it accounted for using the revaluation model. It was most recently revalued to fair value on December 31, 2019, when its carrying amount was adjusted to fair value of $207.360. In January 2020. the piece of land was sold for proceeds of $207.360. In applying the revaluation model Grouper maintains the balance in the Revaluation Surplus (CI) account until the asset is retired or disposed of. In 2015, Grouper purchased a portfolio of debt investments that the company intended to hold for longer term and classified the portfolio of investments as fair value through other comprehensive income (FV-OCI) with gains/losses recycled through net income. The investments in the portfolio are traded in an active market. Grouper records unrealized gains and losses on these investments as OCI, and then books these gains and losses to net income when they are impaired or sold. The portfolio's carrying amount on December 31, 2019, was $105,600. The entire portfolio was sold in November 2020 for proceeds of $120.960. Grouper's income tax expense for 2020 was $95,040. Grouper prepares financial statements in accordance with IFRS. Calculate net income for the year ended December 31, 2020. Grouper Corporation Partial Statement of Income For the year Ended December 31, 2020 Income from Operations Other Revenues and Gains Gainon disposal of Equipment 3.60,000 s 25.920 Activato Wir CS Gain on disposal of FV. NI Investments 31,680 Grouper Corporation Partial Statement of Income For the year Ended December 31, 2020 Income from Operations $ 3,60,000 Other Revenues and Gains Gainon disposal of Equipment $ 25,920 Gain on disposal of FV-NI Investments 31,680 Gain on disposal of FV OCI Investments V Other Expenses and losses Loss on Disposal of Building Unrealized Loss on EV NI Investments - Other Expenses and Losses Loss on Disposal of Building Unrealized Loss on FV.Nu trivestments Income before Income Tax Income Tax Expense Net Income/(Loss) $ Calculate retained earnings as at December 31, 2020. Grouper Corporation Statement of Retained Earnings $ $ $ Calculate net income for the year ended December 31, 2020, if Grouper prepares financial statements in accordance with ASPE. Grouper's income tax expense would not change. Grouper Corporation Partial Statement of Income