Reference no: EM133148136
Question - The following selected accounts and balances are from the adjusted trial balance of Green Company on December 31, 2021 (their year-end). Green Company uses IFRS.
These are not all income statement accounts.
Sales $900,500
Cost of goods sold 520,000
Fire loss 30,000
Selling and administrative expenses 178,400
Cash 50,000
Accounts receivable 60,000
Accumulated depreciation 160,000
Dividend revenue 12,000
Interest revenue 3,000
Unearned service revenue 5,400
Interest payable 1,000
Gain on sale of FVNI investments 5,000
Patents 100,000
Retained earnings, January 1, 2021 270,000
Interest expense 12,000
Prior period error: Cumulative effect of change from straight-line to accelerated depreciation from 2018 to 2020 25,000
Dividends declared 18,000
Allowance for doubtful accounts 5,000
Unrealized gain on FVOCI investments 10,000
Supplies 40,000 Dividends paid 15,000
Additional information:
The income tax rate is 30%. There are 20,000 shares of common stock.
Discontinued operations: On September 1, 2021, Green Co. sold one of its operating segments (product line) to Best Industries for a loss (pre-tax) of $400,000. During the period January 1 to August 31, the discontinued operation incurred an operating gain (pre-tax) of $240,000.
Required - Prepare a multi-step Statement of Comprehensive Income in good form for 2021. As with the Statement of Financial Position, ensure that you use proper format, including classification of items and correct terminology for section headings and subtotal amounts.