Joe Schreiner, controller for Bramble Company Inc., recently prepared the companys income statement and statement of changes in equity for 2017. Schreiner believes that the statements are a fair presentation of the companys financial progress during the current period, but he also admits that he has not examined any recent professional pronouncements on accounting.

Assume that Bramble Company follows IFRS, and has a tax rate of 30%. Assume that investments are accounted for as FV-OCI investments with gains/losses recycled through net income. Prepare a statement of comprehensive income showing expenses by function. Ignore calculation of EPS.

Sales revenues BRAMBLE COMPANY INC. Income Statement For the Year Ended December 31, 2017 Less: Sales returns and allowances Net sales revenue $ 385,700 15,190 370,510 Cost of goods sold: Inventory, January 1, 2017 $ 48,300 Purchases Less: Purchase discounts Cost of goods available for sale Inventory, December 31, 2017 Cost of goods sold Gross profit Selling expenses Administrative expenses $ 197,800 3,050 194,750 243,050 38,730 204,320 166,190 41,100 32,700 73,800 92,390 Income before income tax Other revenues and gains Unrealized gain on FV-OCI investments Dividends received Income tax Net income BRAMBLE COMPANY INC. Excerpt from Statement of Changes in Equity For the Year Ended December 31, 2017 Retained earnings, January 1, 2017 38,700 42,700 173,790 52,137 $ 121,653 Add: Net income for 2017 $121,653 Gain from sale of long-term investments 30,200 $151,853 Deduct: $220,000 Loss on expropriation 11,900 Correction of mathematical error (net of tax) 15,902 Retained earnings, December 31, 2017 (27,802) 124,051 $344,051 Sales revenues BRAMBLE COMPANY INC. Income Statement For the Year Ended December 31, 2017 Less: Sales returns and allowances Net sales revenue $ 385,700 15,190 370,510 Cost of goods sold: Inventory, January 1, 2017 $ 48,300 Purchases Less: Purchase discounts Cost of goods available for sale Inventory, December 31, 2017 Cost of goods sold Gross profit Selling expenses Administrative expenses $ 197,800 3,050 194,750 243,050 38,730 204,320 166,190 41,100 32,700 73,800 92,390 Income before income tax Other revenues and gains Unrealized gain on FV-OCI investments Dividends received Income tax Net income BRAMBLE COMPANY INC. Excerpt from Statement of Changes in Equity For the Year Ended December 31, 2017 Retained earnings, January 1, 2017 38,700 42,700 173,790 52,137 $ 121,653 Add: Net income for 2017 $121,653 Gain from sale of long-term investments 30,200 $151,853 Deduct: $220,000 Loss on expropriation 11,900 Correction of mathematical error (net of tax) 15,902 Retained earnings, December 31, 2017 (27,802) 124,051 $344,051