The 31 December 20X2 year-end trial balance for Dynamics Ltd., a private company, showed the following account balances: Retained earnings, 31 December 20X1 Sales revenue Dividend income from investments Cost of sales Impairment on discontinued plant assets, held-for-sale (before tax) General, selling, and administrative expenses Interest expense Reduction in prior years' earnings due to change in accounting policy, cumulative to 31 December 20X1 (before tax) Dividends declared, to be paid 15 January 20X3 Loss due to bankruptcy of major client Dr./(Cr.) $ (8,600,000) (9,600,000) (72,000) 5,100,000 820,000 1,860,000 107,000 430,000 720,000 120,000 The company pays income tax at a rate of 20%. Required: Prepare an income statement for the year ended 31 December 20X2. (Enter answers in thousands, not in whole Canadian dollar.) DYNAMICS LTD. Income Statement For the year ended on 31st December, 20x2 (in thousands of Canadian dollars) Total revenue Total expense from continuing operations Earnings from continuing operations, before income tax Earnings before discontinued operation Discontinued operation: Net earnings Prepare a statement of retained earnings for the year ended 31 December 20X2. (Enter answers in thousands, not in whole Canadian dollar.) DYNAMICS LTD. Statement of Retained Earnings For the year ended on 31st December, 20X2 (in thousands of Canadian dollars) Retained earnings, 31 December 20X1, as originally stated Retained earnings, 31 December 20X1, restated Retained earnings, 31 December 20X2