Topic: IFRS Income Statement ABC Company reports the following information for the period ended Dec 31st 2016 Accounts Sale Revenues Preference dividends Sales Returns & allowance Common Dividends Administrative expenses Beginning Inventory Sales Discount Purchases Purchase Returns & Allowance Interest expense Ending Inventory Purchase Discount Unrealized loss of assets revaluations Unrealized gain on trading securities Selling expenses Retained Earnings Beg balance Loss from discontinued Oper Gains on disposal from discontinued Oper Rent Revenue Gains on the sale of long-lived assets Impairment Loss Freight-in cost Dividend revenues Unrealized gain on non-trading securities Ordinary shares outstanding 100,000 shares Controlling interest (primary shareholders) 70% Effective tax rate 30% 2015 depreciation expense of $40,000 was omitted by accident 2015 ending merchandise inventory was understated by $30,000 $ 4,000,000.00 $ 41,000.00 $ 80,000.00 $ 60,000.00 $ 110,000.00 $ 100,000.00 $ 120,000.00 $ 1,960,000.00 $ 35,000.00 $ 275,000.00 $ 120,000.00 $ 65,000.00 $ 20,000.00 $ 40,000.00 $ 240,000.00 $ 45,000.00 $ 420,000.00 $ 120,000.00 $ 10,000.00 $ 90,000.00 $ 28,000.00 $ 25,000.00 $ 12,000.00 $ 50,000.00 $ $ 40,000.00 30,000.00 Requirements: 1. Prepare the Income Statement Based on the IFRS Approach 2. Prepare the Retained Earnings Statement 3- Compute Earnings Per Share