Statement For the Year Ended May 31, 2020 Sales $945,000 Cost of goods sold 414,000 Gross margin 531,000 Expenses Salaries and wages expense 207,800 Other operating expenses 120,000 Depreciation expense 26,000 Total operating expenses 353,800 Operating income 177,200 Interest expense 26,700 Income before income tax 150,500 Income tax expense 55,400 Net earnings $ 95,100 The following is additional information about transactions during the year ended May 31, 2020 for Martineau Inc., which follows IFRS. 1. Plant assets costing $95,000 were purchased by paying $64,000 in cash and issuing 5,000 common shares. 2. In order to supplement its cash, Martineau issued 4,000 additional common shares. 3. Cash dividends of $48,000 were declared and paid at the end of the