FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Marigold 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 500,000 common shares outstanding all year.
Marigold's tax rate is 20% on operating income and all gains and losses (use this rate where the tax provisions are not given). Marigold
prepares financial statements in accordance with IFRS.
Prepare a multiple-step statement of financial performance for the year ended December 31, 2023, showing expenses by function
Include calculation of EPS. (List other revenues and gains before other expenses and losses. Round EPS answers to 2 decimal places, e.g.
52.75.)
Marigold Corp.
Statement of Financial Performance
Transcribed Image Text:Information for 2023 follows for Marigold Corp
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 $64,500)
Loss from operation of discontinued division (net of tax of $42,250)
Dividends declared on common shares
Dividends declared on preferred shares
$2,030,000
35,300,000
27,564,000
151,000
4,740,000
333,000
517,000
570,200
440,000
122,000
418,000
258,000
169,000
220,000
63,800
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