Take me to the text Below is a list of accounts and balances for Beach Wear Inc. for the year ending May 31, 2020. All balances are in thousands of dollars. Beach Wear Inc. follows IFRS. Assume a tax rate of 20%. Exclude the presentation of earnings per share for this question Account Title Balance Accounts Payable $9,600 Accounts Receivable $12,700 Accumulated Depreciation $1,200 Advertising Expense $1,300 Cash $20,800 Cash Dividends $3,800 Common Shares $14,900 Cost of Goods Sold $18,960 Depreciation Expense-Office Equipment $110 Depreciation Expense-Store Equipment $800 Gain on Foreign Currency Translation Adjustments $130 Gain on Sale of Discontinued Operations $1,600 Income from Operating Discontinued Operations $8,300 Interest Expense $1,000 Merchandise Inventory $19,800 Miscellaneous Administrative Expenses $550 Notes Payable $20,000 Office Salaries Expense $1,400 Prepaid Insurance $1,500 Property, plant and Equipment $25,000 Rent Expense-Office $670 Rent Expense-Retail $1,390 Retained Earnings (beginning balance) $15,532 Sales Salaries Expense $3,000 Sales Discounts $1,200 Sales Returns and Allowances $590 Sales Revenue $47,400 Unearned Revenue $1,200 Notes: Unlimited common shares are authorized and 2,320 have been issued and are currently outstanding. The notes payable is payable over 5 years and $4,000 will be paid by May 31, 2021. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole number. Do not use the negative sign for any values. a) Prepare a statement of comprehensive income by function for the year ended May 31, 2020. Beach Wear Inc. Statement of Comprehensive Income For the Year Ended May 31, 2020 Sales Revenue (net) Cost of Goods Sold 18960 Gross Profit 6490 Selling Expenses Administrative Expenses Profit before Income Tax Income Tax Expense Profit for the Year from Continuing Operations Profit for the Year from Discontinued Operations 7920 Profit for the Year Other Comprehensive Income, Net of Tax Gain on Foreign Currency Translation Adjustments (net of tax) 104 > Total Comprehensive Income