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CS-1 LO 2 3 4 5 6 7 8 Kruma Company sells clothes and fashion accessories through its chain of retail stores. The shareholders' equity section of Kruma Company's statement of financial position as at December 31, 2020, shows the following information Kruma Company Statement of Financial Position (partial) As at December 31, 2020 Shareholders' Equity Contributed Capital Preferred Shares, noncumulative, 5%, $100, 150,000 shares authorized, 24,000 shares issued and outstanding $2,400,000 Common Shares, unlimited shares authorized 400,000 shares issued and outstanding 400,000 Total Contributed Capital 2,800,000 Retained Earnings 1,500,000 Total Shareholders' Equity 4,300,000 On January 28, 2021, Kruma discovered an accounting mistake made in 2020. Accrual of Interest revenue was understated by 554,000 because interest receivable and interest revenue of $60,000 were mistakenly recorded as $6,000. During 2021, Kruma earned and incurred the following revenue and expenses (excluding income tax expenses. Kruma's tax rate is 30% Sales Revenue Interest Revenue Unrealized Gain on Trading Investments Gain on Sale of Discontinued Operations Loss on Sale of Assets from Continuing Operations $1,785,000 45,000 12,000 90,000 16,000 Sharus duono Commonrairesun 400,000 shares issued and outstanding 400,000 Total Contributed Capital 2,800,000 Retained Earnings 1,500,000 Total Shareholders' Equity 4,300,000 On January 28, 2021, Kruma discovered an accounting mistake made in 2020. Accrual of interest revenue was understated by $54,000 because interest receivable and interest revenue of $60,000 were mistakenly recorded as $6,000. During 2021. Kruma earned and incurred the following revenue and expenses (excluding income tax expenses). Kruma's tax rate is 30% Sales Revenue $1,785,000 Interest Revenue 45,000 Unrealized Gain on Trading Investments 12,000 Gain on Sale of Discontinued Operations 90,000 Loss on Sale of Assets from Continuing Operations 16,000 Loss on Foreign Currency Translation 30,000 Loss from Operating Discontinued Operations 200,000 Cost of Goods Sold 966,000 Selling Expenses 250,000 Administrative Expenses 253,000 Interest Expense 1,000 On October 1, 2021, Kruma issued an additional 20,000 common shares for $20,000. There was no other change in the number of common or preferred shares. Kruma pald 5120,000 dividends to preferred shareholders, but no dividend to common shareholders in 2021. The preferred shares are not convertible. The company does not have any outstanding securities that can be converted into common shares Required a) Record the journal entry to correct the mistake related to the understatement of interest receivable and interest revenue in 2020 Date Account Title and Explanation Debit Credit b) Prepare an income statement under ASPE for Kruma for the year ended December 31, 2021. c) Prepare a statement of comprehensive income by function under IFRS for Kruma for the year ended December 31, 2021. Present the basic and diluted earnings per share calculated based on net income (loss) at the bottom of the statement of comprehensive income. Do not separate earnings per share into continuing operations and discontinued operations. Also show detailed calculations of weighted average number of common shares and earnings per share Date 2021 Actual Number of Shares Fraction of Year Weighted Average Number of Shares