Question 2 5 points

You work as part of the accounting and finance department at the Volvo Corporation.

The company was established in 1968 under with a vision to create new avenues for industry using local resources and local raw materials.

Accordingly, Volvo was set up to produce the base material to fuel the anticipated construction boom in the UAE and the region.

The company primarily servers the UAE and GCC markets with an array of branded cement products.

Today, with an annual production capacity of more than twelve million tons of cement, Volvo is clearly one of the largest cement manufacturers in the UAE.

That applicable corporate income taxation rate is 30%.

The following information (presented in alphabetical order) is known about the company's financial performance and position in year 2020 (all amounts are in millions of dollars):

a. Prepare the Income Statement for the Volvo Corporation for the fiscal year ending on 31 December 2020. (2 points)

b. Construct the Statement of Shareholders' Equity for the Volvo Corporation for the fiscal year ending on 31 December 2020. (3 points)