The following information was taken from the records of Vega SA for the year 2022: income tax applicable to income from continuing operations R$119,000, income tax savings applicable to loss on discontinued operations R$25,500, and unrealized holding gain on non-trading equity securities R$15,000, net of tax.

Ordinary shares outstanding during 2022 were 100,000.

Instructions

a. Prepare a comprehensive income statement for 2022 using the one statement approach.

b. Prepare a retained earnings statement for 2022.

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R$ 95,000 Cash dividends declared Retained earnings, January 1, Gain on sale of plant assets R$ 150,000 Loss on discontinued operations Administrative expenses 75,000 2022 600,000 240,000 Cost of goods sold 40,000 Selling expenses 850,000 Rent revenue 300,000 Loss on impairment of land 60,000 Sales revenue 1,700,000