Question $2$ of $5$

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Information for $2023$ follows for Grouper Corp::

Retained earnings. January $1,2023$

Sales revenue

$$1,920,000$

Cost of goods sold

$35,000,000$

Interest income

$27,330,000$

Selling and administrative expenses

Unrealized gain on FV$-$OCl equity investments $($gains$/$losses not recycled$)$

Loss on impairment of goodwill

Income tax on continuing operations for $2023($assume this is correct$)$

Assessment for additional income tax for $2021($normal$,$ recurring, and not caused by an error$)$

$184,000$

Gain on disposal of FV$-$NI investments

$4,810,000$

Loss from flood damage

Loss on disposal of discontinued division $($net of tax of $$66,250)$

$302,000$

$537,000$

$553,200$

Loss from operation of discontinued division $($net of tax of $$38,500)$

$461,000$

$125\mathrm{.}000$

Dividends declared on common shares

$403,000$

$265,000$

$154,000$

$230,500$

Dividends declared on preferred shares

$51,800$

Grouper 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 $2023,$ there were $500,000$ common shares outstanding all year. Grouper's tax rate is $20\%$ on operating income and all gains and losses $($use this rate where the taxprovisions are not given$).$ Grouper prepares financial statements in accordance with IFRS.

Prepare a multiple$-$step statement of financial performance for the year ended December $31,2023,$ showing expenses by function. Include calculation of EPS. $($List other revenues and gains before other expenses and losses. Round EPS answers to $2$ decimal places, eg$.52\mathrm{.}75.$

Grouper Corp.

Statement of Financial Performance