Silver Lining Corporation, a public company, is a large silver producer. Where appropriate, the company has chosen

Question:

Silver Lining a public company, is a large silver producer. Where appropriate, the company has chosen to report fair value adjustments in other comprehensive income. Selected condensed information (in millions) for Silver Lining follows for the year ended December 31, 2015:
Cost of sales........................................................................$2,214
Loss from investment in associate.....................................................6
Silver sales...........................................................................3,350
Income tax expense....................................................................60
Interest expense..........................................................................7
Interest revenue...................................................................................38
Operating expenses...................................................................639
Dividend revenue.........................................................................6
Loss on fair value adjustments-trading investments..............................27
Gains on fair value adjustments-strategic investment (net of taxes of $5)....12
Instructions
(a) Prepare an income statement and a separate statement of comprehensive income for the year ended December 31, 2015.
(b) Silver Lining had an opening balance in its Accumulated Other Comprehensive Income account of $49 million. What is the ending balance it would report in the shareholders' equity section of its at December 31, 2015?
Taking It Further
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