w Information to laborited on 2021 NON Labrador i svjed to a 20% art and Deon 31 year end Collection of credealers Het ned earnings, lanty1.2021 0,000 Selling general and acknin strative expenses lors from expropriation of land Unresalired gain on fait value OC rement 0.000 Cash dividends declared on common stock 150,000 Cordt of good old 11.000 Los resulting from calculation error on depreciation change in 2019 1.100.000 Other revenues 460,000 Other expenses 190.000 120,000 I oss from early extinguishment of debt 340,000 Gain from transactions in foreign currencies >20,000 Proceeds from expropriation of land 60,000 Additional information: 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 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 Adexpenses" is "Bad Debts Expense" of upon a percentage of sales. In 2019 $19,000. Labrador bases its bad the percentage was changed to 1%. and 2020, the percentage was Chp 2011 in good for me teprve 5 9 >. Of the different methods that can be used to present person med income statement, which method has been used in your to party will justify your answer 10 11 12 w Information to laborited on 2021 NON Labrador i svjed to a 20% art and Deon 31 year end Collection of credealers Het ned earnings, lanty1.2021 0,000 Selling general and acknin strative expenses lors from expropriation of land Unresalired gain on fait value OC rement 0.000 Cash dividends declared on common stock 150,000 Cordt of good old 11.000 Los resulting from calculation error on depreciation change in 2019 1.100.000 Other revenues 460,000 Other expenses 190.000 120,000 I oss from early extinguishment of debt 340,000 Gain from transactions in foreign currencies >20,000 Proceeds from expropriation of land 60,000 Additional information: 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 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 Adexpenses" is "Bad Debts Expense" of upon a percentage of sales. In 2019 $19,000. Labrador bases its bad the percentage was changed to 1%. and 2020, the percentage was Chp 2011 in good for me teprve 5 9 >. Of the different methods that can be used to present person med income statement, which method has been used in your to party will justify your answer 10 11 12
