Below are the completed financial statement columns of the work sheet for Canned Heat Limited:

Instructions
(a) Prepare a statement of comprehensive income, statement of changes in equity, and statement of financial position. During 2017, Canned Heat's shareholders invested $24,000 in exchange for common shares. Accumulated other comprehensive income had a balance of $0 on January 1, 2017.
(b) Prepare closing entries for the year ended December 31, 2017, and a post-closing trial balance.
(c) Briefly discuss how the financial statement in part (a) would change if Canned Heat followed ASPE rather than IFRS.
(d) Assume that Canned Heat operates as a partnership. What additional changes, beyond those discussed in part (c), would affect the financial statement prepared in part (a)?

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CANNED HEAT LIMITED For the Year Ended December 31, 2017 Statement of Comprehensive Income Statement of Financial Position Account Cr Accumulated depreciation-equipment Accounts payable Salaries and wages payable Retained earnings 142,000 Repairs and maintenance expense Salaies and wages expense Unrealized gain or loss-OCI 170,900 148,800 185,300 207,400 Net loss and OCI 22,100 170,900 22,100 207,400 207,400 170,900