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Information for 2017 follows for Rolling Thunder Corp

Retained Earnings Jan 01, 2017 $1,980,000

Sales Revenue $36,500,000

Cost of Goods Sold $28,500,000

Interest income $170,000

Selling and administrative expenses $4,700,000

Unrealizedgain on FV-OCI

investments (gains/losses recycled) $320,000

Loss on impairment of goodwill

(not tax deductible) $520,000

Income tax on continuing operations

for 2017 (assume this is correct) $797,500

Assessments for additional income

Tax for 2015 (normal, recurring) $500,000

Gain on Sale of FV-NI

Investments (normal, recurring) $110,000

Loss-other (due to flood damage) $390,000

Loss from disposal of discontinued

division (net of tax of $87,500) $262,500

Loss from Operation of discontinued

Division (net of tax of $87,500) $165,000

Dividends Declared on common

Shares $250,000

Dividends declared on

Preferred shares $70,000

Rolling Thunder 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 2017, there were 800,000 common shares outstanding all year. Rolling Thunders tax rate is 25% on operating income and all gain and losses (use this rate where the tax provisions are not given). Rolling Thunder prepares financial statements in accordance with IFRS.

Prepare a multi-step statement of comprehensive income showing expenses by function. Include the calculation of EPS.

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