Reference no: EM132650706
Information for 2020 follows for Monty Corp.:
Retained earnings, January 1, 2020 $1,990,000
Sales revenue 37,900,000
Cost of goods sold 29,592,000
Interest income 182,000
Selling and administrative expenses 4,820,000
Unrealized gain on FV-OCI equity investments (gains/losses not recycled) 319,000
Loss on impairment of goodwill 508,000
Income tax on continuing operations for 2020 (assume this is correct) 673,200
Assessment for additional income tax for 2018 (normal, recurring, and not caused by an error) 564,000
Gain on disposal of FV-NI investments 95,000
Loss from flood damage 399,000
Loss on disposal of discontinued division (net of tax of $64,750) 259,000
Loss from operation of discontinued division (net of tax of $41,000) 164,000
Dividends declared on common shares 282,000
Dividends declared on preferred shares 85,800
- Monty 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 2020, there were 500,000 common shares outstanding all year. Monty's tax rate is 20% on operating income and all gains and losses (use this rate where the tax provisions are not given). Monty prepares financial statements in accordance with IFRS.
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