pls answer thanks. (b)Prepare a revised single-step statement of comprehensive income. (Round per share answers to 2 decimal places, e.g. 52.75.)Ayayai CorporationStatement of Comprehensive Income><>>>$$ Ayayai Corporation was incorporated and began business on January 1, 2023. It has been successful and now requires a bank loan foradditional capital to finance an expansion. The bank has requested an audited income statement for the year 2023 using IFRS. Theaccountant for Ayayai provides you with the following income statement, which Ayayai plans to submit to the bank:Sales revenueDividend revenueGain on recovery of earthquake loss (unusual)Unrealized holding gain on FV-OCI equity investmentsLess:Selling expensesCost of goods soldAdvertising expenseLoss on inventory due to decline in net realizable valueLoss on discontinued operationsAdministrative expensesIncome before income taxAyayai CorporationIncome StatementIncome tax expenseNet income$ 126,000508,00014,00034,00046,00074,000$ 852,00032,000$26,0006,000916,000802,000114,00022,80091,200Ayayai had 100,000 common shares outstanding during the year and has an effective tax rate of 20%. Gains/losses on FV-OCI equityinvestments are not recycled through net income.

Statement of income shows all the income(s) earned by the organization. There are certain ways for…

Answered: Prepare a revised single-step statement…

Prepare a revised single-step statement of comprehensive income. (Round per share answers to 2 decimal places, e.g. 52.75.)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 11P

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