Collirs Inc. has the following accounts and account activity as of 30 June 20X5: Other information, not
Question:
Collirs Inc. has the following accounts and account activity as of 30 June 20X5:
Other information, not included in above accounts:
1. Dividends of $205,000 were declared on 14 June 20X5. The last time dividends were declared and paid was on 14 June 20X3.
2. 16,700 common shares were retired for $18 per share. The average issuance price was $16.50 per share.
Required:
1. Calculate the total comprehensive income for the period ended 30 June 20X5.
2. Calculate the ending retained earnings.
3. Prepare the shareholders’ equity section of the SFP.
Transcribed Image Text:
20X5 net income Common shares (no par value, unlimited authorized, 798,746 issued and outstanding) Class A preferred shares (100,000 authorized, 50,000 issued and outstanding, $1.30 cumulative, nonparticipating) Retained earnings, 1 July 20X4 Share subscriptions Contributed capital, common share retirement Actuarial losses on defined benefit plan Increase in unrealized FVOCI investments AOCI-FVOCI investments, 1 July 20X4 AOCI-Actuarial losses on remeasurement, 1 July 20X4 2,380,930 13,179,309 4,500,000 7,456,110 130,000 7,500 174,000 137,000 74,900 408,000
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Requirement 1 Comprehensive income 2380930 earnings 137000 change in fair value FVTOCI ...View the full answer
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Related Book For
Intermediate Accounting Volume 2
ISBN: 9781260881240
8th Edition
Authors: Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod-Dick, Kayla Tomulka, Romi-Lee Sevel
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