Chapter 5, Problem 5.8BE

Statement of Net Income, IFRS. Using the information provided in BE5-7, prepare a statement of net income and additional disclosures that would meet IFRS requirements. Indicate items that IFRS requires be reported on the statement of net income. Use the condensed format.

BE5-7 Single-Step Statement of Net Income. Carr Corporation provided the following partial-trial balance for the current year Prepare a single-step income statement for the year ended December 31. Carr is subject to a 40% income tax rate.

Carr Corporation

Trial Balance (Selected Accounts)

For the Year Ended December 31

Account	Debit	Credit
Dividends	$1,345
Sales		$123,750
Dividend Income		560
Interest Income		1,000
Gain on Disposal of Plant Assets		986
Unrealized Gam on Trading Investments		2,000
Cost of Goods Sold	45,678
Office Supplies Expense	4,500
Sales Salaries Expense	3,570
Selling Expenses	12,000
Accounting and Legal Fees—General Expense	800
Advertising Expense	4,000
Office Salaries Expense	6,780
Depreciation Expense—General Expense	9,000
Interest Expense	7,100
Loss on Asset Impairment	1,840