Other information:

1. Due to Hurricane Lisa, the company experienced an uninsured hurricane loss in amount of S185,000 during the year.
2. When its chairman of the board died, the company realized $250,000 from an insurance policy. Th cash surrender value of this policy has been carried on the books as an investment in the amount of $85,000.
3. Sales of securities held as a part of its portfolio resulted in a gain of $125,600.
4. The amount of income taxes applicable to income was $108,00, excluding the tax effect of the discontinued operations loss which amounted to $25,500.
5. Depreciation was understated by the financial controller due to an error in 2019 (net of tax)
6. for $41,500.

Instructions

a multiple-step income statement and a retained earnings statement for the year ended 31December 2022.

Belize Electricity Limited's capital structure consists of December 31, 2022 an analysis of the accounts and discussions with company officials revealed the f11