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PLEASE DO THE FINAL PART ONLY: Excerpt from statement of changes in equity The...

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Accounting

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PLEASE DO THE FINAL PART ONLY: Excerpt from statement of changes in equity

The following account balances were included in the trial balance of Flounder Corporation at June 30, 2023 : During 2023, Flounder incurred production salary and wage costs of $709,500, consumed raw materials and other production supplies of $475,170, and had an increase in work-in-process and finished goods inventories of $112,900. The Retained Earnings account had a balance of $278,000 at June 30,2023 , before closing. There are 180,000 common shares outstanding. Flounder has elected to adopt IFRS. (Hint: Production payroll and materials costs reduced by the increase in ending work-in-process and finished goods inventories = the cost of goods sold.) Prepare the retained earnings portion of the statement of changes in equity for the year ended June 30, 2023. (List items that

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