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  3. 3. exercise 4-10 revised (reproduced below the fol

3. Exercise 4-10 REVISED (reproduced below The following is information for Gottlieb Corp, for the...

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Accounting

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3. Exercise 4-10 REVISED (reproduced below The following is information for Gottlieb Corp, for the year ended December 31, 2017: Net sales revenue $1,300,000 Loss on inventory due to decline in $80,000 NRV Unrealized gain on FV-OCI42,000Loss on sale of equipment investments 35,000 Interest income 7,000 Depreciation expense related to 55,000 buildings omitted by mistake in 2016 Cost of goods sold Selling expenses 780,000Retained earnings (at Dec 31, 2016)980,000 5,000Lossother (due to expropriation of 60,000 land Dividends declared Administrative expenses Dividend revenue 48,000 0,000 AOO 45,000 32,000 CR The effective tax rate is 25% on all items. Gottlieb prepares financial statements in accordance with IFRS. The FV-OCI investments trade on the stock exchange. Gains/losses on FV-OCI investments are recycled through net income Required: (al Prepare a multiple-step statement of comprehensive income for 2017. Ignore calculation of EPS (b) Calculate Retained Earnings and AOCI for 2017 (e Prepare the Dec 31, 2017 journal entry to record the prior period mistake in depreciation (use only SOFP accounts!!)

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