Prada Corporation is a public retail company which follows IFRS. Justin Reece, the company's controller, recently prepared an Income Statement and a Statement of Retained Earnings for the year ending December 31, 2020 (see below). Reece believes that both statements fairly present the company's performance but confesses that he has not familiarized himself recently with the latest financial reporting standards under IFRS. Prada Corporation uses a tax rate of 35% for all applicable items. Some items are shown on a before tax (or pre-tax) basis while other items are shown on an after-tax (or net of tax) basis. PRADA CORPORATION Income Statement (prepared by controller) For the Year Ended December 31, 2020 452,109 353,169 98,940 Sales Cost of goods sold 214,446 Selling expenses 81,305 Administrative expenses 57,418 Income before gains and (losses) and income tax Other gains and (losses) Gain on remeasurement of FV-OCI investment (pre-tax) 37,500 Dividends received 44,000 Correction for depreciation error made in 2019 (pre-tax) (26,440 Income before income taxes Income tax expense Income before loss from tornado Loss from tornado (net of tax) Net income 55,060 154,000 (53,900) 100,100 (10,400) S89.700 PRADA CORPORATION Statement of Retained Earnings (prepared by controller) For the Year Ended December 31, 2020 $155,000 Retained Earnings - January 1, 2020 Add: Net income Loss due to write down of inventory (net of tax) Retained Earnings - December 31, 2020 $89,700 (9,100 80,600 $235.600 Additional information is as follows: (a) On January 1, 2020, the balance in the Accumulated Other Comprehensive Income account was $134,000. (b) During the year, additional common shares were issued for $100,000. On December 31, 2020, the common shares account had an ending balance of S515,000. The weighted average number of common shares issued and outstanding throughout 2020 was 200,000 shares. (c) Required: Prepare in good form a Statement of Comprehensive Income in multiple-step format for Prada Corporation for the year ending December 31, 2020. (12 marks) (b) Prepare in good form a Statement of Changes in Equity for Prada Corporation for the year ending December 31, 2020. (8 marks) Note: Both statements must comply with IFRS reporting standards