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prepare a multistep statement of comprehensive income Presented below is information which relates to Yukon Limited for 2021: Collections on credit sales Retained earnings, January
prepare a multistep statement of comprehensive income
Presented below is information which relates to Yukon Limited for 2021: Collections on credit sales Retained earnings, January 1, 2021 Sales Selling and adminstrative expenses Casualty loss (pre-tax) Cash dividends declared on common stock Cost of goods sold Loss resulting from calculation error on depreciation charge in 2021 (pre-tax) Other revenues Other expenses Loss from early extinguishment of debt (pre-tax) Proceeds from sale of Strathroy common shares $1,100,000 800,000 1,900,000 290,000 350,000 34,000 1,100,000 460,000 180,000 120,000 340,000 60,000 Additional information: 1) Early in 2021. Yukon changed depreciation methods for its plant assets from the double declining- balance to the straight-line method. The affected assets were purchased at the beginning of 2019 for nonreriation exnense of $20.000 Additional information: 1) Early in 2021. Yukon changed depreciation methods for its plant assets from the double declining- balance to the straight-line method. The affected assets were purchased at the beginning of 2019 for $200,000, had no residual value, and had useful lives of 10 years. Depreciation expense of $20,000 is included in the "Selling and Administrative Expenses" of $290,000 2) On September 1, 2021. Yukon sold one of its segments (product line) to Best Industries for a gain (pre-tax) of $550,000. During the period January 1 to August 31, the discontinued segment incurred an operating loss (pre-tax) of $480,000. This loss is not included in any of the numbers shown above. 3) Included in "Selling and Administrative Expenses" is "Bad Debts Expense" of $19,000. Yukon bases its bad debts expense upon a percentage of sales. In 2017 and 2018, the percentage was 0.5%. In 2019, the percentage was changed to 1%. Required In good form, prepare a multiple-step Statement of Comprehensive Income for 2021. Assume a 20% income tax rate and that 20,000 common shares were outstanding during the year. Yukon follows IFRS Step by Step Solution
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