(1) The accountant of ABC Corporation has compiled the following information from the company's records for the year ended December 31, 2019. 29,000 18,000 31,000 140,000 Interest revenue Interest expense Unrealized gain on non-trading equity securities, net of tax Selling expenses Income tax rate Administrative expenses Cost of goods sold Net sales Cash dividends declared gain on sale of plant assets Loss on discontinued operations, net of tax Allocation to non-controlling interest Loss on disposal of discontinued operations, net of tax 20% 181,000 516,000 980,000 16,000 15,000 10,000 2,000 3,000 Instructions Prepare a comprehensive income statement using the combined statement approach. The comparative statements of financial position of ABC Company at the beginning and end of the year 2020 appear below. ABC Company Assets STATEMENTS OF FINANCIAL POSITION Dec. 31, 2020 Jan 1, 2020 10000 0 Land 30,000 20,000 Equipment Less: Acc. Dep. equipment Accounts receivable 14,000 10000 95,000 120,000 40,000 50,000 23,000 194,000 12,000 182,000 Inventory Cash Total Equity and Liabilities Share capital-ordinary Retained earnings Accounts payable Tax payable 132,000 130,000 28,000 19,000 20,000 14,000 15,000 18,000 Total 194,000 182000 Additional information: Net income reported in 2020 was $ 20000 Dividends paid in 2020 was $ 21000 New equipment was purchased in 2020 costing $ 10,000 A land was obtained from the government as a gift $ 10000 Instructions: Prepare a statement of cash flows for the year 2020. ABC Company uses a periodic inventory system, the following information is available. April 1 inventory April 15 purchase April 23 purchase Units Unit Cost Total Cost 200 5 1,000 6 3,600 400 8 3,200 1,200 7,800 600 In April, ABC company sold 500 units + Compute the April 30 inventory and the April cost of goods sold using: 1- the average cost method. 2- the FIFO method