Question 1 The below information relates to Raincouver Co. for the period ended December 31, 2020: $1,980 36,500 28,500 170 4,700 Retained earnings, January 1, 2020 Sales revenue Cost of goods sold Interest income Selling and administrative expense Unrealized gain on FV-OCI investments (gains/losses are not recycled) Loss on impairment of goodwill Income tax on continuing operations for 2020 Gain on disposal of FV-NI investments Loss from flood damage Loss on disposal of discontinued division (net of tax of $88) Loss on operations of discontinued division (net of tax of $55) Dividends declared on common shares Dividends declared on preferred shares 320 520 1,297 110 390 262 165 250 70 During 2020, Raincouver decided to discontinue its entire retail division which represented a separate major line of business. On October 20, it sold the retail division to Cowtown Inc. . Raincouver had 2,000 common shares outstanding throughout 2020. No shares were issued or repurchased during the period. Raincouver's tax rate is 25% on operating income and all gains and losses. Where taxes have been given, assume they have been calculated correctly. . Raincouver prepares its financial statements in accordance with IFRS. Instructions: Prepare a multiple-step income statement for the year ended December 31, 2020. Include a calculation of EPS. Round EPS calculations to two (2) decimal places. Show ALL calculations for full marks. Question 1 The below information relates to Raincouver Co. for the period ended December 31, 2020: $1,980 36,500 28,500 170 4,700 Retained earnings, January 1, 2020 Sales revenue Cost of goods sold Interest income Selling and administrative expense Unrealized gain on FV-OCI investments (gains/losses are not recycled) Loss on impairment of goodwill Income tax on continuing operations for 2020 Gain on disposal of FV-NI investments Loss from flood damage Loss on disposal of discontinued division (net of tax of $88) Loss on operations of discontinued division (net of tax of $55) Dividends declared on common shares Dividends declared on preferred shares 320 520 1,297 110 390 262 165 250 70 During 2020, Raincouver decided to discontinue its entire retail division which represented a separate major line of business. On October 20, it sold the retail division to Cowtown Inc. . Raincouver had 2,000 common shares outstanding throughout 2020. No shares were issued or repurchased during the period. Raincouver's tax rate is 25% on operating income and all gains and losses. Where taxes have been given, assume they have been calculated correctly. . Raincouver prepares its financial statements in accordance with IFRS. Instructions: Prepare a multiple-step income statement for the year ended December 31, 2020. Include a calculation of EPS. Round EPS calculations to two (2) decimal places. Show ALL calculations for full marks