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please help Markette Company uses IFRS for financial reporting. The information below is drawn from Markette's financial data for 2019. All amounts are before income
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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 has a 28% corporate tax rate. Sales revenue (including $76,250 incurred in 2017 but omitted $1,015,150 in 2017 income statement) Retained earnings, January 1, 2019 511,920 Dividends declared and paid in 2019 180,000 Depreciation expense 42,000 Dividend declared, to be paid February 15, 2020 70,000 Foreign exchange gain on foreign bank accounts 142,300 Interest expense 15,400 Impairment loss on "Held for sale assets" 17,000 Prepaid expenses 17,600 Cost of goods sold 309,000 Income from operations of discontinued segment 39,360 Inventory value has increased in net realizable value 37,000 Selling and Administrative expenses 164,200 Unearned revenue 23,700 Unrealized holding loss on FVTPL investment 25,000 Write-down of assets held in discontinued segment 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 calculationsStep by Step Solution
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