This assignment is due soon, I want to check my answers before I submit them. Please make sure to answer within 15 to 40 min. Please submit what you have within 40 min, or this question is wasted and will be thumbed down. Thank you for your help in advance!

QUESTION #2 - 42 marks (38 minutes)

An excerpt of certain Viola Desmond Inc.s accounts as of / for the year ended December 31, 2021 is presented below.

	$Amount
Accumulated other comprehensive INCOME, Jan 1, 2021	$125
Bad debts expense	100
Cost of goods sold	1,775
Common shares (500 shares outstanding throughout the year)	1,800
Dividends declared preferred shares	48
Dividends declared common shares	360
Depreciation expense	300
Interest expense	66
Loss on sale of assets of discontinued operation	90
Loss from the operations of discontinued operations	125
Preferred shares (400 shares outstanding throughout the year)	400
Retained earnings, Jan 1, 2021	220
Revenue error from 2020 (overaccrual of revenue in 2020)	80
Sales revenue	5,000
Salaries expense	675
Unrealized loss OCL (other comprehensive loss)	150

NOTE: All adjusting entries have been prepared except for the 2021 income tax entries.

(ie. All numbers above are before tax.) Viola Desmond is subject to a 22% income tax rate. Viola Desmond follows IFRS.

Required:

Round all amounts to the nearest dollar except per share amounts to the nearest cent.

1. Prepare a multi-step Statement of Comprehensive Income in good form for Viola Desmond Inc. for 2021.

(Round all amounts to the nearest dollar.)

• Show required earnings per share (EPS) information. (Show these calculations below the statements.)

2. Prepare the Statement of Changes in Equity in good form for Viola Desmond Inc. for 2021.