Swifty Corporation, a private company, began operations on January $1,2020.$ During its first three year's of operations, Swifty reportedInformation for $2023$ follows for Ayayai Corp.:

Ayayai 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.

Ayayai's tax rate is $20\%$ 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.

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, e$.$g$.52\mathrm{.}75.)$

net income and declared dividends as follows:

The following information is for $2023$ :

Income before income tax

$$350,000$

Correction of prior period error: understatement of $2021$ depreciation expense $($before tax$)$

$39,000$

Cumulative increase in prior years' income from change in inventory method $($before tax$)$

$49,000$

Dividends declared $($of this amount, $$25,000$ will be paid on January $15,2024)$

$100,000$

Effective tax rate

Prepare a $2023$ statement of retained eamings for Swifty. The company follows ASPE. $($List items that increase retained earnings first after

adjusted balance. Enter negative amounts using either a negative sign preceding the number e$.$g$.-45$ or parentheses e$.$g$.(45).)$

Swifty Corporation

Statement of Retained Earnings

For the Year Ended December $31,2023$

Balance, January $1,$ as reported

$

Net Income $/($Loss$)$

Balance, January $1,$ as adjusted

: