Instructions

Refer to Part1-3.png, Using that information, com plete a Statement of Comprehensive Income for the year ended December 31, 2020.

Trial Balance Unadjusted Trial Balance At December 31, 2019 At December 31, 2020 Income Statement Debit Credit Debit Credit Debit Credit Cash & Equivalents 98,641 1,191,277 FV-NI Investments 400,650 Accounts Receivable - Trade 2,069,111 1,908,886 Accounts Receivable - Projects 1,155,000 Other Accounts Receivable Interest Receivable Allowance for Doubtful Accounts 63,254 63,254 Inventory 474,789 506,900 Inventory on Consignment 141,400 Prepaid Insurance 120,000 240,000 FV-OCI Investments 106,000 Contract Asset/Liability 157,699 Land 320,000 320,000 Building 3,058,199 3,058,199 Building - Accumulated Depreciation 78,721 78,721 Equipment 389,105 406,905 Equipment - Accumulated Depreciation 38,292 38,292 Intangible Assets 161,750 Intangible Assets - Accumulated Amortization Goodwill 675,000 675,000 Accumulated Impairment Loss - Goodwill Accounts Payable 525,000 1,077,205 Deferred Tax LiabilityTrial Balance Unadjusted Trial Balance At December 31, 2019 At December 31, 2020 Income Statement Debit Credit Debit Credit Debit Credit HST Payable 39,100 159,800 Interest Payable 100,000 Dividends Payable Income Tax Payable Wages Payable 45,000 Notes Payable 250,000 Bank Loan 2,500,000 4,000,000 Common Stock 1,908,199 1,908,199 Retained Earnings 727,144 1,857,279 Revaluation Surplus - OCI 3,188 Revenue from Long-term Contract (2019) 3,206,449 Revenue from Long-term Contract - Project #1 3,382,107 Revenue from Long-term Contract - Project #2 2,115,950 Revenue from Consignments 159,100 Sales Revenue - Equipment 5,855,690 6,952,200 6,952,200 Dividend Income 13,500 13,500 Interest Income 350 583 Gain/ (Loss) on sale of truck 16,150 Investment Income or Loss 9,450 Unrealized Gain or Loss - OCI Cost of Goods Sold 3,717,400 4,413,200 4,549,320 Construction Expenses (2019) 2,360,100 Construction Expenses - Project #1 2,074,500Construction Expenses- Project #2 Loss on Impairment Equipment Rental [other expenses} Equipment Repairs [other expenses} Wages Payroll Tax Expense Interest Expense Utilities Trial Balance Unadjusted Trial Balance At December 31 2019 At December 31, 2020 Income Statement Income tax expense Insurance Expense Bad Debt Expense Commission Expense Advertising Expense Administration Expenses Amortization Expense [other expense} Depreciation Expense [other expenses} TOTALS Net Income [Loss] TOTAL 0 I]