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Question 3 of 9 - / 10 111 View Policies Current Attempt in Progress Joe Schreiner, controller for Ayayai Company Inc. recently prepared the company's income statement and statement of changes in equity for 2020. Schreiner believes that the statements are a fair presentation of the company's financial progress during the current period, but he also admits that he has not examined any recent professional pronouncements on accounting, AYAYAI COMPANY INC Income Statement For the Year Ended December 31, 2020 Sales revenues $ 370,000 Cost of goods sold 206,000 164,000 43,650 30,000 73.650 Gross profit Selling expenses Administrative expenses Income before income tax Other revenues and gains Unrealized gain on FV-OCI equity investments Dividend revenue 90.350 36.800 40.800 167,950 50,385 Income tax expense Net income $ 117,565 AYAYAI COMPANY INC Excerpt from Statement of Changes in Equity For the Year Ended December 31, 2020 Retained earnings, January 1, 2020 $ 217,000 Add: $ 117,565 Net income for 2020 Gain on disposal of long-term investments Deduct: 30.600 $ 148,165 14.800 Loss on expropriation Correction of mathematical error (net of tax) Retained earnings, December 31, 2020 18,714 (33,514 ) 114,651 $ 331,651 Assume that Ayayai Company follows IFRS. Assume that investments are accounted for as FV-OCl 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 decimal places, eg. 5,275. Round tax rate to 4 decimal places, eg. 52.7525%.) AYAYAI COMPANY INC Statement of Comprehensive Income Prepare the retained earnings and accumulated other comprehensive income portion of the statement of changes in equity. Assume an opening balance of $114,000 in accumulated other comprehensive income. (Round answers to decimal places, eg 5,275.) AYAYAI COMPANY INC Statement of Changes in Equity Retained Earnings Accumulated Other Comprehensive Income $ $ Balance January 1, as reported Correction of prior year error (net of tax) Balance January 1 restated Net income/(Loss) Unrealized gain on FV-OCl investment Balance December 31 $ Will not be reclassified subsequently to net income or loss. e Textbook and Media