Grouse Mountain Equipment Inc. (GME) sells biking, skiing and hiking equipment to retailers. GME reports under ASPE. After a very successful ski season and just as it was about to commence shipping its goods for the upcoming season, GME lost all of its hiking equipment in a fire in April 2015. The company's insurance policy covers 83% of the "cost" of the inventory, calculated in accordance with GAAP, lost in this fire. The company's records show the following: Sales at retail prices (all on credit; net/30) $615,000 Sales returns at retail price 15,000 Cash collected on accounts 580,000 Inventory, January 1, 2015 150,000 Purchases during 2015 (all on credit; 2/10, 480,000 net/15) Payments to suppliers for purchases 440,000 Freight-in (shipping) costs 44,000 Insurance coverage during shipping 9,000 Customs and duties on purchases 8,000 Interest expense on the purchased inventory 10,000 GME normally realizes a gross profit of 30% on its net sales. It accounts for inventory using a periodic inventory system. Any loss from the fire is deductible for income tax purposes. GME's tax rate is 45%. REQUIRED 1. Calculate the net loss from the fire that should be reported on the income statement. 2. If GME were using IFRS, instead of ASPE, what amount of comprehensive loss arising from the fire would be reported on the comprehensive income statement and how much of this loss would be considered "other comprehensive income"