Hyperchip Limited is a private corporation reporting under ASPE. At December 31, 2024, its general ledger contained the following summary data: 

Cost of goods sold .........................................................................  $ 950,000 

Net sales .......................................................................................... 1,425,000 

Operating expenses .........................................................................  270,000 

Other expenses .................................................................................   30,000 

Other revenues ..................................................................................  45,000 

Retained earnings, December 31, 2023 ..................................... 1,150,000 

Additional information: 

1. In 2024, common share dividends of $80,000 were declared on June 23 and December 28. The dividends were paid on July 9, 2024, and January 9, 2025, respectively. 

2. The company’s income tax rate is 20%. 

Instructions 

a. Record the dividend transactions in 2024. 

b. Prepare a multiple-step income statement for 2024. 

c. Prepare a statement of retained earnings for 2024.

If this company were following IFRS, what statement would have to be prepared instead of the statement of retained earnings?