4:00 The Pineapple Industry Association (PIA) is a government owned enterprise which is legislated to generate its own income which it uses to cover capital and recurrent. expenditures. PIA is an agent of National Agriculture Association. The Young Famers association controls 25% of PIA Outside of these powers, its government also provide Pineapple Industry with monthly subventions to cover its recurrent expenditures based on Pineapple Enterprise budgetary demands and the legal allocations by the government. Pineapple Enterprises uses ISPAP to prepare its financial statements. You were asked by to government to assist Pineapple Industry with its accounting processes, which involved the recording, generation and preparation of accounting transactions and final accounts as stipulated by the IPSASS. Collaborating with a team of qualified and experienced accountants, you were able to prepare the following accounting information of Pineapple Industry for the year ended December 2021. Details Dividends received from 2021 2020 Amount $000 Amount $000 10,000 7,500 equity investments Service Charge on loans to 70,400 60,500 beneficiaries Gross margin on sale of 367,308 pineapples 255,400 Interest on Loans to Members 7,400 8,400 Interest on investments 14,700 15,000 Miscellaneous Income 60 70 Membership Fees Grants Received 100,020 80,000 50,000 60000 Grants to farmers 350,000 Donations received Penalties and Fines for breach 10,000 330 350,000 45,000 700 of Association rules Cost of Seminars for Farmers 7,000 6,000 Royalties for use of lands 4,000 3,500 Warehouse Storage 6,000 5,500 General Cleaning & Sanitation 500 1,500 Property Rates 1,000 1,000 Depreciation of Fixed Assets 700 700 Accounting and Consultation 5,000 4,500 Cost Advances to Staff 680 18406 Salaries to Staff (Grass) 200,000 175,000 Staff Contribution to Social 1,000 750 Security & Other Statutory Contributions PIA's Contribution to Social Security & Other Statutory Contributions 3500 2625 Gain on Sale of Equipment 2,000 0 Proceed on the Sale of 47100 0 Equipment Plant, Property and 450,000 480,000 Equipment (at cost, after disposal) Accumulated Depreciation 47,700 47,000 Short-term investments 70,000 30,000 Trade and Other Payables 9360 6700 Cash and Cash Equivalent 2,500 1,500 Inventory at year end 85,000 72,000 Receivables 6,500 10,500 Development Bond Issued 150,000 100,000 Accumulated Surplus 264986 Contribution from Other 75,000 75,000 Government Entities Notes relating to 2021 2022.tle.courses.open.uwi.edu