Kent Corporation provided the following partial-trial balance for the current year. (Click the icon to view...

 

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Kent Corporation provided the following partial-trial balance for the current year. (Click the icon to view the partial-trial balance.) Prepare a statement of net income and additional disclosures that would meet IFRS requirements. Indicate items that IFRS requires be reported on the statement of net income. Kent is subject to a 40come tax rate. Use the condensed format. Begin by preparing a statement of net income that meets IFRS requirements. Indicate items that. IFRS requires be reported on the statement of net income. Use the condensed format. (Round all amounts to the nearest whole dollar. Select an "X" in the "Required Disclosure" column if the disclosure is required by IFRS.) Kent Corporation Trial Balance (Selected Accounts) For the Year Ended December 31 Account Dividends Sales Dividend Income Interest Income Gain on Disposal of Plant Assets Unrealized Gain on Trading Investments Cost of Goods Sold Debit $ 1,360 46,000 $ Credit 180,000 520 1,400 960 2,000 trial balance Unrealized Gain on Trading Investments Cost of Goods Sold Office Supplies Expense Sales Salaries Expense Selling Expenses Accounting and Legal Fees-General Expense Advertising Expense Office Salaries Expense Depreciation Expense-General Expense Interest Expense Loss on Asset Impairment 46,000 4,000 3,700 9,000 810 3,600 7,200 9,200 1,900 2,400 - X - 2,000 Sales Kent Corporation Statement of Profit and Loss For the Year Ended December 31 Less: Cost of Goods Sold Gross Profit Operating Expenses: General and Administrative Expenses Selling Expenses Operating Profit 180000 46000 Required Disclosure Kent Corporation provided the following partial-trial balance for the current year. Operating Expenses: General and Administrative Expenses Selling Expenses Operating Profit Net Profit BOLE Kent Corporation provided the following partial-trial balance for the current year. (Click the icon to view the partial-trial balance.) Prepare a statement of net income and additional disclosures that would meet IFRS requirements. Indicate items that IFRS requires be reported on the statement of net income. Kent is subject to a 40come tax rate. Use the condensed format. Begin by preparing a statement of net income that meets IFRS requirements. Indicate items that. IFRS requires be reported on the statement of net income. Use the condensed format. (Round all amounts to the nearest whole dollar. Select an "X" in the "Required Disclosure" column if the disclosure is required by IFRS.) Kent Corporation Trial Balance (Selected Accounts) For the Year Ended December 31 Account Dividends Sales Dividend Income Interest Income Gain on Disposal of Plant Assets Unrealized Gain on Trading Investments Cost of Goods Sold Debit $ 1,360 46,000 $ Credit 180,000 520 1,400 960 2,000 trial balance Unrealized Gain on Trading Investments Cost of Goods Sold Office Supplies Expense Sales Salaries Expense Selling Expenses Accounting and Legal Fees-General Expense Advertising Expense Office Salaries Expense Depreciation Expense-General Expense Interest Expense Loss on Asset Impairment 46,000 4,000 3,700 9,000 810 3,600 7,200 9,200 1,900 2,400 - X - 2,000 Sales Kent Corporation Statement of Profit and Loss For the Year Ended December 31 Less: Cost of Goods Sold Gross Profit Operating Expenses: General and Administrative Expenses Selling Expenses Operating Profit 180000 46000 Required Disclosure Kent Corporation provided the following partial-trial balance for the current year. Operating Expenses: General and Administrative Expenses Selling Expenses Operating Profit Net Profit BOLE

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STATEMENT OF INCOME AS PER IFRS REQUIREMENT Particulars Amount ... View the full answer