STANDARD VIEWPRINTER VERSION BACK NEXT Exercise 22-16 (a) (indirect method) Information from the statement of financial position and statement of income are glven below for Ayayai Road Inc.,a company following IFRS, for the year ended December 31. Ayayai Road has adopted the policy of classifying interest paid as operating activities and dividends pald as financing activities. Comparative Statement of Financial Position, at December 31 2017 2016 Cash Accounts receivable Inventon Investments in land Property, plant, and equipment Accumulated depreciation $91,800 $48,150 37,200 125,900 105,650 85,800 109,000 287,000211,000 (48,700 (40,000) $633,600 $471,000 91,800 Accounts payable Accrued liabilities Notes payable Common shares Retained earnings 53,700$48,480 19,730 73,000 250,000 202,000 127,790 $633,600 $471,000 12,300 134,000 183,600 Statement of Income, year ended December 31, 2017 Revenues Sales Gain on sale of investment in land Gain on sale of equipment $289,630 5,000 8,930 303,560 Expenses Cost of goods sold Depreclation expense Operating expenses $98,160 57,500 14,780