The following account balances were included in the trial balance of Reid Corporation at June 30,2014:

During 2014, Reid incurred production salary and wage costs of S71 0,000, consumed raw materials and other production supplies of $4 74,670, and had an increase in work-in-process and finished goods inventories of $ 112,900. The
Retained Earnings account had a balance of $292,000 at June 30, 2014, before closing. There are 180,000 common shares outstanding. Assume Reid has elected to adopt IFRS.
Instructions
(a) Prepare an income statement for the year ended June 30, 2014, using the multiple-step format and showing expenses by function.
(b) Prepare the retained earnings portion of the statement of changes in equity for the year ended June 30, 2014.
(c) Prepare an income statement for the year ended June 30, 2014, using the single-step format and showing expenses by nature.

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$2,820 7,320 4.850 9,130 $1,928,500 31,150 1,071,770 56,260 97,600 28,930 21,400 14,820 9,030 4,980 6,200 4,715 3,450 Telephone and Internet expense (office) Salaries and wages (office) Supplies expense (sales) Maintenance and repairs expense (office) Depreciation understatement due to Sales revenue Sales discounts Cost of goods sold Salaries and wages (sales) Sales commission expense Advertising expense (sales) Freight-out Entertainment expense (sales) Telephone and Internet expense (sales) Depreciation of sales equipment Maintenance and repairs expense (sales) Miscellaneous expenses (sales) Supplies experse (office) Depreciation of office furniture error 2012 (net of tax) Miscellaneous expense (office) Sales returns and allowances Dividend revenue Interest expense Income tax Dividends declared on preferred shares Dividends declared on common shares 17,700 6.000 62,300 38,000 18,000 133,000 9,000 32,000 and equipment ,250