Presented below are statement of comprehensive income items from Gerald Limited for the year ended December 31, 2020. Assume Gerald follow IFRS.

Sales revenue $5,400,000

Cost of goods sold 2,300,000

Interest revenue 30,000

Loss from abandonment of plant assets 90,000

Gain from extinguishment of debt 56,000

Selling and administrative expenses 960,000

Loss from earthquake 60,000

Gain on disposal of discontinued operation 100,000

Instructions:

Prepare a multi-step statement of comprehensive income. Assume a tax rate of 30% and 100,000 ordinary shares outstanding during 2020. Assume Gerald had an unrealized holding loss on FV-OCI securities of $24,000, net of tax.