Question 1: 114 Marks] Presented below is information related to Al-Arab Company. It capital structure consists of 80,000 ordinary shares. At December 31 2020 an analysis of the accounts and discussions with compan officials revealed the following information: Sales Revenues 2.100,000 Purchases 1284,000 Purchase discounts 36,000 Cash 120,000 Loss on discontinued operations (net of tax) 56,000 Selling expenses 256,000 Share capital 400,000 Accounts receivable 180,000 Land 740,000 Accumulated depreciation 360,000 Dividend revenue 16,000 Inventory, January 1, 2020 304,000 Inventory, December 31, 2020 250,000 Unearned service revenue 8,800 Accrued interest payable 2,000 Dividends declared 58,000 Patents 200,000 Retained earnings, January 1, 2020 580,000 Interest expense 34,000 General and administrative expenses 300,000 Accounts payable 120,000 Allowance for doubtful accounts 10,000 Notes payable (maturity 7/1/25) 400,000 Machinery and equipment 900,000 Materials and supplies 80,000 Note: The amount of income taxes was 91,200, including the ta effect of the discontinued operations loss which amounted to 24,000. Instructions: Prepare an income statement and retained earnings statement fo 2020 for Al-Arab Company that is presented in accordance with IFRS (including format and terminology). Then answer the following questions: 1- The amount of cost of goods sold for 2020 equals? 2- The amount of gross profit for 2020 equals? 3- The amount of oncome from operations for 2020 equals? 4- The amount of income tax for 2020 equals?