Information for 2023 follows for Rolling Thunder Corp.:

Rolling Thunder decided to discontinue its entire wholesale division (a major line of business) and to keep its manufacturing division. On September 15, it sold the wholesale division to Dylane Corp. During 2023, there were 800,000 common shares outstanding all year. Rolling Thunder’s tax rate is 25% on operating income and all gains and losses (use this rate where the tax provisions are not given). Rolling Thunder prepares financial statements in accordance with IFRS.

InstructionsPrepare a multiple-step statement of financial performance for the year ended December 31, 2023, showing expenses by function. Include calculation of EPS.

Retained earnings, January 1, 2023 Sales revenue Cost of goods sold Interest income Selling and administrative expenses Unrealized gain on FV-OCI equity investments (gains/losses not recycled) Loss on impairment of goodwill Income tax on continuing operations for 2023 (assume this is correct) Assessment for additional income tax for 2021 (normal, recurring, and not caused by an error) Gain on disposal of FV-NI investments Loss from flood damage Loss on disposal of discontinued division (net of tax of $87,500) Loss from operation of discontinued division (net of tax of $55,000) Dividends declared on common shares Dividends declared on preferred shares $ 1,980,000 36,500,000 28,500,000 170,000 4,700,000 320,000 520,000 797,500 500,000 110,000 390,000 262,500 165,000 250,000 70,000