The following account balances were included in the trial balance of Flounder Corporation at June 30, 2020:

Sales revenue		$ 1,838,250		Telephone and Internet expense (office)		$ 3,420
Cost of goods sold		1,071,770		Salaries and wages (office)		7,420
Salaries and wages expense (sales)		53,860		Supplies expense (sales)		5,850
Sales commission expense		99,600		Repairs and maintenance expense (office)		9,230
Advertising expense (sales)		29,030		Depreciation understatement due to error2018 (net of tax of $3,300)		18,600
Freight out		21,600		Miscellaneous expense (office)		7,900
Entertainment expense (sales)		15,520		Dividend revenue		38,800
Telephone and Internet expense (sales)		9,330		Interest expense		18,100
Depreciation of sales equipment		5,580		Income tax expense		133,000
Repairs and maintenance expense (sales)		6,800		Dividends declared on preferred shares		9,545
Miscellaneous expenses (sales)		5,015		Dividends declared on common shares		32,900
Supplies expense (office)		4,150
Depreciation expense on office furniture and equipment		7,350

During 2020, Flounder incurred production salary and wage costs of $ 709,500, consumed raw materials and other production supplies of $ 475,170, and had an increase in work-in-process and finished goods inventories of $ 112,900. The Retained Earnings account had a balance of $ 278,000 at June 30, 2020, before closing. There are 180,000 common shares outstanding. Assume Flounder has elected to adopt IFRS. (Hint: Production payroll and materials costs reduced by the increase in ending work-in-process and finished goods inventories = the cost of goods sold.)

Part 1

Prepare an income statement for the year ended June 30, 2020, using the multiple-step format and showing expenses by function. (List Selling Expenses before Administrative Expenses. Round per share answer to 2 decimal places, e.g. 52.74.)

Flounder Corporation Income Statement For the Month Ended June 30, 2020June 30, 2020For the Year Ended June 30, 2020
						$
RevenueOperating ExpensesDividends Declared on Common SharesIncome from OperationsAdministrative ExpensesNet Income / (Loss)Gross Profit / (Loss)Balance July 1, 2019 AdjustedOther ExpensesIncome before Income TaxDividends Declared on Preferred SharesRetained Earnings, July 1, 2019, As ReportedOther RevenuesEarnings Per ShareRetained Earnings, June 30, 2020Correction of Depreciation UnderstatementSelling ExpensesNet Sales Revenue
Correction of Depreciation UnderstatementNet Sales RevenueDividends Declared on Common SharesOther ExpensesSelling ExpensesBalance July 1, 2019 AdjustedRevenueGross Profit / (Loss)Income from OperationsOperating ExpensesAdministrative ExpensesDividends Declared on Preferred SharesOther RevenuesIncome before Income TaxRetained Earnings, July 1, 2019, As ReportedEarnings Per ShareRetained Earnings, June 30, 2020Net Income / (Loss)
Earnings Per ShareCorrection of Depreciation UnderstatementAdministrative ExpensesOther RevenuesGross Profit / (Loss)Income from OperationsOperating ExpensesNet Sales RevenueRetained Earnings, July 1, 2019, As ReportedOther ExpensesDividends Declared on Common SharesDividends Declared on Preferred SharesSelling ExpensesBalance July 1, 2019 AdjustedRetained Earnings, June 30, 2020RevenueIncome before Income TaxNet Income / (Loss)
		$
Dividends Declared on Common SharesNet Income / (Loss)Gross Profit / (Loss)Other ExpensesEarnings Per ShareIncome before Income TaxRetained Earnings, July 1, 2019, As ReportedNet Sales RevenueRevenueRetained Earnings, June 30, 2020Correction of Depreciation UnderstatementOperating ExpensesDividends Declared on Preferred SharesSelling ExpensesOther RevenuesBalance July 1, 2019 AdjustedIncome from OperationsAdministrative Expenses
Gross Profit / (Loss)Selling ExpensesIncome from OperationsOther ExpensesOperating ExpensesNet Income / (Loss)Correction of Depreciation UnderstatementOther RevenuesRevenueIncome before Income TaxBalance July 1, 2019 AdjustedRetained Earnings, July 1, 2019, As ReportedDividends Declared on Preferred SharesRetained Earnings, June 30, 2020Administrative ExpensesEarnings Per ShareNet Sales RevenueDividends Declared on Common Shares
Income before Income TaxCorrection of Depreciation UnderstatementRetained Earnings, June 30, 2020Dividends Declared on Common SharesNet Income / (Loss)Dividends Declared on Preferred SharesOther RevenuesOther ExpensesBalance July 1, 2019 AdjustedAdministrative ExpensesGross Profit / (Loss)RevenueNet Sales RevenueEarnings Per ShareIncome from OperationsSelling ExpensesOperating ExpensesRetained Earnings, July 1, 2019, As Reported
Earnings Per ShareNet Income / (Loss)Other ExpensesIncome before Income TaxCorrection of Depreciation UnderstatementOperating ExpensesDividends Declared on Preferred SharesDividends Declared on Common SharesSelling ExpensesRetained Earnings, June 30, 2020Retained Earnings, July 1, 2019, As ReportedOther RevenuesGross Profit / (Loss)RevenueIncome from OperationsBalance July 1, 2019 AdjustedAdministrative ExpensesNet Sales Revenue
Other RevenuesOther ExpensesIncome from OperationsGross Profit / (Loss)Income before Income TaxDividends Declared on Common SharesCorrection of Depreciation UnderstatementNet Sales RevenueDividends Declared on Preferred SharesAdministrative ExpensesBalance July 1, 2019 AdjustedSelling ExpensesRetained Earnings, July 1, 2019, As ReportedNet Income / (Loss)RevenueOperating ExpensesRetained Earnings, June 30, 2020
Operating ExpensesDividends Declared on Preferred SharesIncome before Income TaxDividends Declared on Common SharesIncome from OperationsNet Sales RevenueEarmings Per ShareOther ExpensesRetained Earnings, June 30, 2020Gross Profit / (Loss)Net Income / (Loss)RevenueCorrection of Depreciation UnderstatementOther RevenuesSelling ExpensesRetained Earnings, July 1, 2019, As ReportedAdministrative ExpensesBalance July 1, 2019 Adjusted						$
Gross Profit / (Loss)Income from OperationsIncome before Income TaxOther ExpensesRetained Earnings, June 30, 2020Dividends Declared on Common SharesOperating ExpensesRevenueNet Sales RevenueBalance July 1, 2019 AdjustedOther RevenuesEarmings Per ShareRetained Earnings, July 1, 2019, As ReportedSelling ExpensesCorrection of Depreciation UnderstatementAdministrative ExpensesNet Income / (Loss)Dividends Declared on Preferred Shares						$