Remaining 84 min. #RACK NEXT Problem 4-3 Information for 2017 follows for Ayayai Corp. Retained earnings, January 1, 2017 Sales revenue Cost of goods sold Interest income Selling and administrative expenses Unrealized gain on TV.CC investments Loss on impairment of goodwill (not tax deductible) Income tax on continuing operations for 2012 (assume this is correct) Assessment for additional income tax for 2015 (normal, recurring) Gain on sale of PV-N investments (normal, recurring) Loss-other (due to Rood damage) Loss from disposal of discontinued division (net of tax of $87,133) Loss from operation of discontinued division (net of tax of $57,000) Dividends declared on common shares Dividends declared on preferred shares $1,940,000 36,900,000 28,812,000 158,000 4,790,000 277,000 538,000 790,750 429,000 102,000 395,000 261,400 171.000 214,500 59,000 Ayayar decided to discontinue its entire wholesale division (a mayor line of business) and to keep its manufacturing division. On September 15, sold the wholesale division to Dylane Corp. During 2017, there were 800,000 common shares outstanding all year. Ayayai's tax rate is 25% on operating income and all gains and losses (use this rate where the tax provisions are not given). Ayayai prepares financial statements in accordance with IFRS Remaining 84 min. #RACK NEXT Problem 4-3 Information for 2017 follows for Ayayai Corp. Retained earnings, January 1, 2017 Sales revenue Cost of goods sold Interest income Selling and administrative expenses Unrealized gain on TV.CC investments Loss on impairment of goodwill (not tax deductible) Income tax on continuing operations for 2012 (assume this is correct) Assessment for additional income tax for 2015 (normal, recurring) Gain on sale of PV-N investments (normal, recurring) Loss-other (due to Rood damage) Loss from disposal of discontinued division (net of tax of $87,133) Loss from operation of discontinued division (net of tax of $57,000) Dividends declared on common shares Dividends declared on preferred shares $1,940,000 36,900,000 28,812,000 158,000 4,790,000 277,000 538,000 790,750 429,000 102,000 395,000 261,400 171.000 214,500 59,000 Ayayar decided to discontinue its entire wholesale division (a mayor line of business) and to keep its manufacturing division. On September 15, sold the wholesale division to Dylane Corp. During 2017, there were 800,000 common shares outstanding all year. Ayayai's tax rate is 25% on operating income and all gains and losses (use this rate where the tax provisions are not given). Ayayai prepares financial statements in accordance with IFRS