Problem 4-3

Information for 2017 follows for Flounder Corp.:

Retained earnings, January 1, 2017		$1,940,000
Sales revenue		37,100,000
Cost of goods sold		28,968,000
Interest income		187,000
Selling and administrative expenses		4,670,000
Unrealized gain on FV-OCI investments		266,000
Loss on impairment of goodwill (not tax-deductible)		491,000
Income tax on continuing operations for 2017 (assume this is correct)		834,750
Assessment for additional income tax for 2015 (normal, recurring)		414,000
Gain on sale of FV-NI investments (normal, recurring)		107,000
Lossother (due to flood damage)		417,000
Loss from disposal of discontinued division (net of tax of $87,033)		261,100
Loss from operation of discontinued division (net of tax of $58,667)		176,000
Dividends declared on common shares		207,000
Dividends declared on preferred shares		64,000

Flounder decided to discontinue its entire wholesale division (a major line of business) and to keep its manufacturing division. On September 15, it sold the wholesale division to Dylane Corp. During 2017, there were 660,000 common shares outstanding all year. Flounders tax rate is 25% on operating income and all gains and losses (use this rate where the tax provisions are not given). Flounder prepares financial statements in accordance with IFRS. Prepare a multiple-step statement of comprehensive income showing expenses by function. Include calculation of EPS. (Round EPS answers to 2 decimal places, e.g. 52.75.)