Income statement formats Information from Cemex. S.A.B.'s income statements for the years ended December 31, 2006 and 2007, is shown in the following display. Cemex is a Mexican construction firm that applies Mexican accounting standards and reports its results in millions of pesos ($).

Assume Cemex had an effective tax rate of 15.11% in 2007, and 16.35% in 2006.

Compute the missing amounts for each of the two years.

Prepare, in good format, an income statement for Cemex for 2006 and 2007 assuming the firm appliesIFRS.

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December 31 2007 2006 Net Sales ... $236,669 213,767 Cost of Sales. 157,696 Gross Profit 77,320 December 31 2007 2006 Administrative and Selling Expenses Distribution Expenses 33,120 28,588 13,405 Other Expenses, net 3,281 580 Operating Income .. 33,925 Financial Expenses 8,809 Financial Income 862 536 (161) Income (Expense) from Financial Instruments. Other Financial Income (Expense) 2,387 6,647 4,905 Equity in Income of Associates .. 1,487 1,425 Profit Before Income Tax 34,845 Income Tax .... Consolidated Profit. Portion of Profit Attributable to Minority Interest 837 Portion of Profit Attributable to Cemex Shareholders 27,855