CORIS RECREATION ASSEMBLY CORIS RA is a government owned enterprise which is legislated to generate its own income which it uses to cover capital and recurrent expenditures. The legislations also give the government the powers to order CORIS RA to transfer all or part of the income it generates to the consolidated fund as it deems fit. Outside of these powers, its government also provide CORIS RA with monthly subventions to cover its recurrent expenditures based on CORIS RA budgetary demands and the legal allocations by the government. For the 2017 and 2018, CORIS RA used the cash basis to prepare its financial statements, although some of the accounting transactions were recorded using the accrual basis. It should be noted that the government instructed all of its agencies to use an accrual basis that is guided and recommended by IPSASs. You were asked by to government to assist CORIS RA with its accounting processes, which involved the recording, generation and preparation of accounting transactions and final accounts as stipulated by the IPSASs. Working with a team of qualified and experienced accountants, you were able to prepare the following accounting information of CORIS RA for the year ending December 2020: Details Amount Dividend Received 93,250 Loan payment 143,000 Amounts Recovered 194,000 Interest Expense 200,000 Court Administration Fees 240,000 Cost of Training 275,000 Bar License 300,400 Store Rent 300,750 Fines and Penalties 330,000 General Cleaning 350,000 Sanitation 370,000 Accumulated Fund (1/1/2020) 370,600 Basic Taxes and Rates 370,900 Allowances 390,470 Equity Investment Acquired 420,000 Royalties 430,000 Accountancy and Consultancies cost 470,000 Work-In-Progress 490,000 Herbalist License 530,370 Posts not on Establishment 580,000 Other Expenditure 600,000 Stool Land Revenue 600,000 Transport and Travelling cost 620,000 Utilities 630,000 Hostel License 630,920 Details Amount Advances to Staff 660,000 Local Park Fees 720,400 Inventory and Consumables 800,000 Special Services 820,000 Property Rate 820,900 Social Benefit 840,300 Market Tolls 870,000 Consumption of Fixed Assets 960,000 Infrastructure, Plant and Equipment 980,000 Permit Fees 990,000 Proceeds from Sale of Equity 990,320 Established Posts 1,140,700 Development Bonds Issued 1,300,000 Business Income 2,300,600 Loans Received 2,330,000 Local Fund 2,930,000 Rent from Land and Building 6,120,800 Central Government Salaries 12,000,000 Cash and Cash Equivalent @ (1/1/2020) 12,300,240 Parish Development Facility 15,000,600 NOTES 1. You are to ensure that CORIS RA adopts and maintain the accrual accounting basis when preparing its financial statements 2. As of December 31, 2020, the Established Post had outstanding salaries of $180,000,000.00 3. Closing Inventory and Consumables as at December 31, 2020 stood at $170,000,000.00 Using the guidelines and formats set out in the applicable IPSASs, you are to: A. Prepare CORIS RA Statement of Cash Flow for the year ended December 31, 2020 (8 marks) B. Prepare CORIS RA Statement of Financial Performance for the year ended December 31, 2020