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Markette Company uses IFRS for financial reporting. The information below is drawn from Markette's financial data for 2019. All amounts are before income taxes and
Markette Company uses IFRS for financial reporting. The information below is drawn from Markette's financial data for 2019. All amounts are before income taxes and Markette Company has a 28% corporate tax rate. $1,015,150 Sales revenue (including $76,250 incurred in 2017 but omitted in 2017 income statement) Retained earnings, January 1, 2019 Dividends declared and paid in 2019 Depreciation expense Dividend declared, to be paid February 15, 2020 Foreign exchange gain on foreign bank accounts Interest expense Impairment loss on Held for sale assets Prepaid expenses Cost of goods sold Income from operations of discontinued segment Inventory value has increased in net realizable value Selling and Administrative expenses Unearned revenue Unrealized holding loss on FVTPL investment Write-down of assets held in discontinued segment 511,920 180,000 42,000 70,000 142,300 15,400 17,000 17,600 309,000 39,360 37,000 164,200 23,700 25,000 48,600 Average Number of shares outstanding 170,000 The numbers above include Non-Controlling interest which amounts to 15% of income. Required: 1. Prepare in good form a multi-step by nature Statement of Comprehensive Income for Markette Company for the year ending December 31, 2019. (15 marks) 2. Calculate the ending balance of retained earnings after all adjustments. Must show detailed calculations for any marks. (2 marks) 3. Calculate all EPS lines required on the Statement of Comprehensive Income. Round to two decimal places and supporting calculations. (3 marks) Markette Company uses IFRS for financial reporting. The information below is drawn from Markette's financial data for 2019. All amounts are before income taxes and Markette Company has a 28% corporate tax rate. $1,015,150 Sales revenue (including $76,250 incurred in 2017 but omitted in 2017 income statement) Retained earnings, January 1, 2019 Dividends declared and paid in 2019 Depreciation expense Dividend declared, to be paid February 15, 2020 Foreign exchange gain on foreign bank accounts Interest expense Impairment loss on Held for sale assets Prepaid expenses Cost of goods sold Income from operations of discontinued segment Inventory value has increased in net realizable value Selling and Administrative expenses Unearned revenue Unrealized holding loss on FVTPL investment Write-down of assets held in discontinued segment 511,920 180,000 42,000 70,000 142,300 15,400 17,000 17,600 309,000 39,360 37,000 164,200 23,700 25,000 48,600 Average Number of shares outstanding 170,000 The numbers above include Non-Controlling interest which amounts to 15% of income. Required: 1. Prepare in good form a multi-step by nature Statement of Comprehensive Income for Markette Company for the year ending December 31, 2019. (15 marks) 2. Calculate the ending balance of retained earnings after all adjustments. Must show detailed calculations for any marks. (2 marks) 3. Calculate all EPS lines required on the Statement of Comprehensive Income. Round to two decimal places and supporting calculations
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