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Pike Corporation, a clothing retailer, had income from operations (before tax) of $375,000, and recorded the following before-tax gains/(losses) for the year ended December 31, 2023: Gain on disposal of equipment $27,000 Unrealized (loss)/gain on FV-NI investments (54,000) (Loss)/gain on disposal of building (68,000) Gain on disposal of FV-NI investments 33,000 Pike also had the following account balances as at January 1, 2023: Retained earnings $410,000 Accumulated other comprehensive income (this was due to a revaluation surplus on land) 74,000 Accumulated other comprehensive income (this was due to gains on FV-OCI debt investments) 55,000 As at January 1, Pike had one piece of land that had an original cost of $142,000 that it accounted for using the revaluation model. It was most recently revalued to fair value on December 31, 2022, when its carrying amount was adjusted to fair value of $216,000. In January 2023, the piece of land was sold for proceeds of $216,000. In applying the revaluation model, Pike maintains the balance in the Revaluation Surplus (OCI) account until the asset is retired or disposed of. In 2018, Pike purchased a portfolio of debt investments that the company intended to hold for the longer term and it classified the portfolio of investments as FV-OCI with gains/losses recycled through net income. The investments in the portfolio are traded in an active market. Pike records unrealized gains and losses on these investments as OCI, and then books these gains and losses to net income when they are impaired or sold. The portfolios carrying amount on December 31, 2022, was $110,000. The entire portfolio was sold in November 2023 for proceeds of $126,000. Pikes income tax expense for 2023 was $99,000. Pike prepares financial statements in accordance with IFRS. Instructions

a) Calculate net income for the year ended December 31, 2023.

b)Calculate retained earnings as at December 31, 2023 (prior to any transfers from Accumulated OCI relating to land).

c)Explain the change in accumulated other comprehensive income in 2023. c)Calculate net income for the year ended December 31, 2023, and retained earnings as at December 31, 2023, if Pike prepares financial statements in accordance with ASPE. Assume that under ASPE, Pikes retained earnings at January 1, 2023, would be $465,000, and that Pikes income tax expense would not change. e)Will the sum of the Accumulated Other Comprehensive Income and Retained Earnings under IFRS equal the balance of Retained Earnings under ASPE at December 31, 2023? Prepare a continuity schedule of the related accounts to demonstrate your answer.

PLEASE EXPLAIN WHY AND HOWS:)

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