Problem 4-3

Information for 2017 follows for Swifty Corp.:

Retained earnings, January 1, 2017		$2,000,000
Sales revenue		35,100,000
Cost of goods sold		27,408,000
Interest income		173,000
Selling and administrative expenses		4,720,000
Unrealized gain on FV-OCI investments		375,000
Loss on impairment of goodwill (not tax-deductible)		492,000
Income tax on continuing operations for 2017 (assume this is correct)		846,000
Assessment for additional income tax for 2015 (normal, recurring)		535,000
Gain on sale of FV-NI investments (normal, recurring)		91,000
Lossother (due to flood damage)		416,000
Loss from disposal of discontinued division (net of tax of $111,257)		259,600
Loss from operation of discontinued division (net of tax of $69,000)		161,000
Dividends declared on common shares		267,500
Dividends declared on preferred shares		54,000

Swifty 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 720,000 common shares outstanding all year. Swiftys tax rate is 30% on operating income and all gains and losses (use this rate where the tax provisions are not given). Swifty 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.)