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NEA 19.500 Question 4 The following account balances were induded in the trial balance of Pina Colada Corporation at June 30, 2020 Sales revenue $1,833,450 Telephone and Internet expense (office) $320 Cost of goods sold 1,051,770 Salaries and wages (office) 7.420 Salaries and wages expense (sales) 55.260 Supplies expense (sales) 15.550 Sales commission expense 98,400 Repairs and maintenance expense (office) Advertising expense (sales) 10.030 29,830 Depreciation understatement due to error-2018 (net of tax of $3.300) Freight out 21,500 Miscellaneous expense (office) 7,700 Entertainment expense (sales) 15,520 Dividend revenue 38,700 Telephone and Internet expense (sales) 9,330 Interest expense 19,300 Depreciation of sales equipment 5,080 Income tax expense 134,100 Repairs and maintenance expense (sales) 7,000 Dividends declared on preferred shares 9,405 Miscellaneous expenses (sales) 4,715 Dividends declared on common shares 33,900 Supplies expense (office) 4,150 Depreciation expense on office furniture and equipment During 2020, Pina Colada incurred production salary and wage costs of $688,700, consumed raw materials and other production supplies of $477,670, and had an increase in work-in-process and finished goods inventories of $114,600. The Retained Earnings account had a balance of $289,000 at June 30, 2020, before closing. There are 180,000 common shares outstanding. Assume Pina Colada 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.) 7,950 Prepare an income statement for the year ended une 30, 2020, using the multiple-step format and showing expenses by function (List Selling Expenses before Administrative Expenses Round per share answer to 2 decimal places, 9.52.74.) Pina Colada Corporation Income Statement . + MacBook Air 90. 900 FYD 2