Comprehensive Problem- Chapter 4 Bas Baladi for the marketing of cooperative agricultural products is a company based in Ramallah. It operates two separate major divisions: Organic Food division, and Beverage division. On December 31, 2021, Bas Baladi had $327,000 operating Income. Required: a) Based on the below information (A-G). Use the following format to prepare the statement of comprehensive income. (Assume the tax rate is 20%) Note: Some of the items provided will not affect the statement of comprehensive income. A During 2021, the entity discovered that there's an error in the calculation of pension expense for 2020. The error overstated income before tax by $17,000. B Flood in Ramallah's farmland caused the company a loss of $11,000. They received insurance coverage of $6,500. Assume floods are common in Ramallah. C Bas Baladi decided to dispose of the Beverage division at the beginning of 2021. The Beverage division recognized a loss from operations of $150,000 before tax for the year ended 31 December 2021. The division was sold for $1,000,000, while the carrying value of the division's assets was $900,000. D In 2020 Bas Baladi purchased 10,000 shares of Padico stock at $1.2 per share. The stocks were categorized as a trading security. During 2021, the company received cash dividends of $0.05 per share. E Until 2021, the company has used weighted average, and on January 1, 2021. It has decided to switch to FIFO. The cumulative effect of this change is $60,000 before tax. F. The company suffered a $10,000 loss before tax from foreign currency translation of its subsidiary's financial statements. G Minority interest in net income amounted to $22,480.
