Prepare journal entries to record the transactions in 2018 and 2019. a. Using only the information provided (ignore other operating expenses), p statements for 2018 and 2019. p. Was 2018 really as profitable as indicated by its income statement? c. Was 2019 quite as bad as indicated by its income statement?

Which of the following is true regarding the incomestatement?a. The income statement is sometimes called the statement of operations.b. The income statement reports revenues, expenses, andliabilities.c. The income statement only reports revenue for whichcash was received at the point of sale.d. The income statement reports the financial position ofa business at a particular point in time.

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The following is information for Monty Corp. for the year ended December 31, 2023: Sales revenue Unrealized gain on FV-OCI equity investments Interest income Cost of goods sold Selling expenses Administrative expenses Dividend revenue $1,130,000 38,000 5,000 678,000 56,500 44,000 23,000 Loss on inventory due to decline in net realizable value Loss on disposal of equipment Depreciation expense related to buildings omitted by mistake in 2022 Retained earnings at December 31, 2022 Loss from expropriation of land Dividends declared $71,000 25,000 55,000 930,000 61,000 45,000 The effective tax rate is 20% on all items. Monty prepares financial statements in accordance with IFRS. The FV-OCI equity investments trade on the stock exchange. Gains/losses on FV-OCI investments are not recycled through net income.