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Pressbow horson for lite for 2021 All amount o pre Dados le sud to a 21 tax rule and has a December 31 year end

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Pressbow horson for lite for 2021 All amount o pre Dados le sud to a 21 tax rule and has a December 31 year end Collections al cedit les 900,000 Retained earnings, January 1, 2021 800,000 Sales 1,900,000 Selling, general and administrative expenses 290,000 Loss from expropriation of land 350,000 Unrealized gain on fair value OCI investment 150,000 Cash dividends declared on common stock 34,000 Cost of goods sold 1,100,000 LOSS resulting from calculation error on depreciation charge in 2019 460,000 Other revenues 180,000 Other expenses 120,000 Loss from early extinguishment of debt 340,000 Gain from transactions in foreign currencies 220,000 Proceeds from expropriation of land 60,000 Additional informatiota 1. Early in 2021, Labrador changed depreciation methods for its plant assets from double declining-balance to straight-line method. The affected assets were purchased at the beginning of 2019 for $200,000, had no residual value, and had a useful life of 10 years. Depreciation expense of $20,000 is included in the "Selling and Administrative Expenses" of $290,000. The change in accounting policy should be accounted for on a retrospective basis 2 On September 1, 2021, Labrador sold one of its Industry segments (a separate business unit) to Best Industries for a pre tax gain of $550,000. During the period In the "Selling and te of live Expenses of $290,000. The change in accounting policy should be accounted for on a retrospective basis. 2. On September 1, 2021, Labrador sold one of its industry segments (a separate business unit) to Best Industries for a pre-tax gain 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 "Sewing and Administrative Expenses" is "Bad Debts Expense" of $19,000. Labrador bases its bad debts expense upon a percentage of sales. In 2019 and 2020, the percentage was 0.5 %. In 2021, the percentage was changed to 1%. Required: 1. In good form, prepare a multiple-step comprehensive income statement for 2021 Assume that 20,000 common shares were outstanding during the year. Ignore note disclosures 2. Of the different methods that can be used to present expenses on a comprehensive income statement, which method has been used in your answer to part (A)? Briefly Justify your

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