Ideo Company manufactures tablet PCs and, started the financial year 2016 with the following equity As at $1,130,000 241,000 For the year 2016, the following information is given. a. Additional 43,000 no-par value shares were issued in exchange for land worth $290,000. b. Cost of goods sold was $517,500 and other operating expenses was $127,000. c. Cash dividends of $115,000 were declared. tax rate was 20%. e. Ending retained eamings was $172,000. f. The land acquired the issuance of shares during the year was not depreciated and revalued to $380,000 on statement and to present revaluation surplus under "Reserves in the statement of changes in equity December 31, 2016 Solve for net profit or profit for year 31, 2016. g. Management chose to present the statement of profit or loss and other Required 1-a. Prepare Ideo Company's statement of profit or loss and other comprehensive income for year ended income as one 115,000 Beg Bal. 241,000 46000 Profit for Year End Bal. 172,000 IDEO COMPANY Statement of Profit or Loss and Other Comprehensive Income 31, 2016 (Click to select) (Click to select) (Cick to select (Click to select) 13 The of For Year Ended December 31, 2016 31, 2015 31, 2016