The following is information for Flounder Corp. for the year ended December 31, 2020: Sales revenue $1,480,000 Loss on inventory due to decline in net realizable value $74,000 Unrealized gain on FV-OCI equity investments 44,000 Loss on disposal of equipment 35,000 Interest income 7,000 Depreciation expense related to buildings omitted by mistake in 2019 53,000 Cost of goods sold 888,000 Retained earnings at December 31, 2019 990,000 Selling expenses 74,000 Loss from expropriation of land 60,000 Administrative expenses 50,000 Dividends declared 43,000 Dividend revenue 18,000 The effective tax rate is 30% on all items. Flounder prepares financial statements in accordance with IFRS. The FV-OCI equity investments trade on the stock exchange. Gains/losses on FV-OCI investments are not recycled through net income.

a) Prepare a multiple-step statement of financial performance for 2020, showing expenses by function. Ignore calculation of EPS.

b) Prepare the retained earnings section of the statement of changes in equity for 2020. (List items that increase retained earnings first following the adjustment of prior years.)

c) Prepare the journal entry to record the depreciation expense omitted by mistake in 2019. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)