Saved Question o 112 points) During 2020, Owlette Corporation reported income from continuing operations of $1,600,000 (after taxes). In addition, the following information, which has not yet been considered or included in the $1,600,000 has been revealed 1 On December 31st, 2020, Owlette adopted a new accounting policy. This change decreased income for 2020 by $50,000 before taxes and the cumulative (i.e., total) effect of the change on prior years' income was a $60,000 before tax decrease. Owlette decided to discontinue a major division in 2020. During the current year, the loss on the disposal of this segment was $300,000 before tax. 3 A machine was sold for $140,000 cash during the year at a time when its book value was $100,000. (Depreciation has been correctly recorded.) 4 Dividends during the year for the year that were declared and paid amounted to $45,000. 2 1. Present in good form the income statement (including Earnings Per Share) of Owlette Corporation for 2020 starting with "income from continuing operations before tax" Assume that Owlette's tax rate is 20% and that 100,000 common shares were outstanding during the year. Owlette follows IFRS. 2. Assume that the beginning retained earnings for 2020 is $346,000. Prepare the retained earnings portion of the statement of changes in equity for 2020