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Take me to the text Below is a list of accounts and balances for Beach Wear Inc. for the year ending May 31, 2020. All balances are in thousands of dollars. Beach Wear Inc. follows IFRS. Assume a tax rate of 20%. Exclude the presentation of earnings per share for this question. Account Title Balance Accounts Payable $9,600 Accounts Receivable $12,700 Accumulated Depreciation $1,200 Advertising Expense $1,300 Cash $20,800 Cash Dividends $3,800 Common Shares $14,900 Cost of Goods Sold $18,960 Depreciation Expense-Office Equipment $110 Depreciation Expense-Store Equipment $800 Gain on Foreign Currency Translation Adjustments $130 Gain on Sale of Discontinued Operations $1,600 Income from Operating Discontinued Operations $8,300 Interest Expense $1,000 Merchandise Inventory $19,800 Miscellaneous Administrative Expenses $550 Notes Payable $20,000 Office Salaries Expense $1,400 Prepaid Insurance $1,500 Office Salaries Expense $1,400 Prepaid Insurance $1,500 $25,000 $670 Property, plant and Equipment Rent Expense-Office Rent Expense-Retail Retained Earnings (beginning balance) Sales Salaries Expense $1,390 $15,532 $3,000 Sales Discounts $1,200 Sales Returns and Allowances $590 Sales Revenue Unearned Revenue $47,400 $1,200 Notes: Unlimited common shares are authorized and 2,320 have been issued and are currently outstanding. The notes payable is payable over 5 years and $4,000 will be paid by May 31, 2021. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole number. Do not use the negative sign for any values. a) Prepare a statement of comprehensive income by function for the year ended May 31, 2020. Beach Wear Inc. Statement of Comprehensive Income For the Year Ended May 31, 2020 Statement of Comprehensive Income For the Year Ended May 31, 2020 Sales Revenue (net) 45610 Cost of Goods Sold 18960 Gross Profit 26650 Selling Expenses X Administrative Expenses 2730 Operating Profit Finance Costs Profit before Income Tax Income Tax Expense Profit for the Year from Continuing Operations Profit for the Year from Discontinued Operations Profit for the Year Other Comprehensive Income, Net of Tax Gain on Foreign Currency Translation Adjustments (net of tax) Total Comprehensive Income b) Prepare a statement of changed in equity for the year ended May 31, 2020. There was no opening balance in the accumulated other income account and FlipFlop Inc. did not issue any new common shares in the fiscal year ended May 31, 2020. Beach Wear Inc. Statement of Changed in Equity For the Year Ended May 31, 2020 Common Shares Retained Earnings Reserves Total Equity Opening Balance Profit for the Year/Net Income Other Comprehensive Income Not answered Foreign Currency Translation Adjustments Mark 0.00 out of 1.00 Total Comprehensive Income Transactions with Owners Dividends on Common Shares Total Transactions with Owners Closing Balance