Golden Goods Ltd is a Canadian importer that does business around the world. To obtain credit to do business in other countries, it has to present its financial statements to suppliers, who assess the statements and decide whether to extend credit to Golden. Because of this, Golden prepares its financial statements using IFRS.
Your task as an employee of Golden Goods Ltd. is to complete two key financial statements.
Required
1. Calculate the missing amounts to complete the Golden Goods Ltd. income statement. Show your calculations.

2. Dividends paid during 2017 totaled $60,000. Calculate the missing amounts to complete the Golden Goods Ltd. statement of changes in equity. Show your calculations.

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GOLDEN GOODS LTD. Income Statement For the Year Ended December 31,2017 $800,000 380,000 Sales reventue Cost of goods sold Gross margin Operating expenses (listed individually) Operating income Other gains (losses) 342,000 Gain on sale of land $80,000 (20,000) Loss due to labour dispute Incom Income tax expense Income from continuing operations Discontinued operations e from conti nuing operations before income tax 51,000 Operating loss, $60,000, plus income tax saving of $21,000 Gain on disposal, $21,000, less income tax of $7,000 Earnings per common share (20,000 shares outstanding): discontinued operations 14,000 Net income Income from continuing operations Income from Net income GOLDEN GOODS LTD Statement of Changes in Equity For the Year Ended December 31, 2017 Contributed Surplus- Share Shares Repurchases Earnings Total Common Retained Shareholders Equity $400,000 Balance, December 31, 2016 Issuance of shares Net income Cash dividends Repurchase of common sh Balance, December 31, 2017 $160,000 $ A shares 20,000) $240,000 5,000 $5,000 S D