Joe Schreiner, controller for Concord Company Inc., recently prepared the companys income statement and statement of changes in equity for 2020. 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.

CONCORD COMPANY INC. Income Statement For the Year Ended December 31, 2020
Sales revenues									$	374,000
Cost of goods sold										210,000
Gross profit										164,000
Selling expenses							43,480
Administrative expenses							30,000			73,480
Income before income tax										90,520
Other revenues and gains
	Unrealized gain on FV-OCI equity investments									35,800
	Dividend revenue									39,800
										166,120
Income tax expense										49,836
Net income									$	116,284

CONCORD COMPANY INC. Excerpt from Statement of Changes in Equity For the Year Ended December 31, 2020
Retained earnings, January 1, 2020										$	220,000
Add:
	Net income for 2020		$	116,284
	Gain on disposal of long-term investments			32,000		$	148,284
Deduct:
	Loss on expropriation			11,300
	Correction of mathematical error (net of tax)			15,346			(26,646	)			121,638
Retained earnings, December 31, 2020										$	341,638

Part 1

Assume that Concord Company follows IFRS. Assume that investments are accounted for as FV-OCI equity investments with gains/losses not recycled through net income. Prepare a statement of financial performance showing expenses by function. Ignore calculation of EPS. (Round answers to 0 decimal places, e.g. 5,275. Round tax rate to 4 decimal places, e.g. 52.7525%.)