Shown below account balances in the trial balance of Holiday Corporation as at 31 December 2020.

Sales revenue $895,000

Interest revenue 19,500

Cost of merchandise sold 408,500

Selling expenses 145,000

Administrative expense 215,000

Interest expense 13,000

Dividend (for preference shares) 3,000

Dividend (for ordinary shares) 7,000

Loss from discontinued operations 40,000

Retained earnings, 1 January 2020 $193,000

Prepare an income statement and statement of retained earnings for the year ended 31 December 2020 for Holiday Corporation that is presented in accordance with IFRS (including format and terminology). Holiday Corporation has 50,000 ordinary shares and 10,000 preference shares outstanding and has a 30% income tax rate on all tax related items.