Reference no: EM132437577
Question - The following selected accounts are from the adjusted trial balance of Green Company on December 31, 2020 (their year-end). Other information not found on the trial balance is also included. Green Company uses IFRS.
Collections of credit sales $1,100,000
Retained earnings, Jan.1, 2020 800,000
Sales 1,900,000
Selling and admin expenses 290,000
Casualty loss (pre-tax) 350,000
Cash dividends declared on common stock 34,000
Cost of goods sold 1,100,000
Loss resulting from calculation error on depreciation charge in 2018 (pre-tax)...460,000
Other revenues 180,000
Other expenses 120,000
Loss from early extinguishment of debt (pre-tax) 340,000
Gains from transactions in foreign currencies (pre-tax) 220,000
Proceeds from sale of Green common shares 60,000
Additional information: On September 1, 2020, Green sold one of its segments (product line) to Best Industries for a gain (pre-tax) of $550,000. During the period January 1 to August 31, the discontinued segment incurred an operating loss (pre-tax) of $480,000. This loss is not included in any of the numbers shown above.
Required - Need a multi-step statement of comprehensive income in good form for 2020. The income tax rate is 20%, and 20,000 common shares were outstanding all year.