The following account balances were included in the adjusted trial balance of XYZ Co. at July 31, 2015. All accounts have normal balances.

a) Calculate new income (loss) for the year wnded July 31. 2015.

b) Prepare a statement of changes in equity for the year ended July 31. 2015.

c) Calculate the tax amount for the correction of the prior period error for depreciation expense.

d) Calculate the price-earnings ratio.

Balances and additional information in attached picture.

The following account balances were included in the adjusted trial balance of XYZ Co. at July 31 2015. All accounts have normal balances Accumulated depreciation, equipment 80,000 Accumulated depreciation machinery 35,000 Accumulated other comprehensive income 129,000 Allowance for doubtful accounts 2.400 Common shares 456,000 Cost of goods sold 1.428,000 Depreciation expense, 2014 expense, understated due to error 20,000 Depreciation expense, equipment 6,300 Depreciation expense, machinery 8,900 Dividends declared on common shares 20,000 Dividends declared on preferred shares 51000 Entertainment expense 23.000 Freight-out 31,000 Gain on disposal 45,000 Gain on sale of land 90.000 Insurance expense 28 000 Interest expense 26,000 Preferred shares 76,300 Rent expense 45,000 Retained earnings 115,000 Salaries expense 81,000 Sales 3,400,000 Sales commissions expense 133,000 Sales discounts 14 000 Sales returns and allowances 81,000 Unrealized gain on AFS investments (OCI). 38,000 Additional information The company is publically traded and follows IFRS and its income tax rate is 20% On July 31, 2015 the number of common shares outstanding was 110,000 and there were no changes to common shares during the fiscal year. The onding balance for preferred shares of $76,300 includes issuing 700 preferred shares at $9 per share in the current year the market price per common share on the reporting date was $46 70 at the nearest