15. The statement of changes in shareholders' equity a. b. C. d. is a required statement under ASPE is a required statement under IFRS. is a required statement under both IFRS and ASPE is an optional statement under both IFRS and ASPE 16. Which of the following is a required disclosure in the income statement when reporting the disposal of a segment of the business? a. Earnings per share from both continuing operations and net income should be disclosed on the face of the statement or in the notes. b. The gain or loss on disposal should not be segregated but should be reported together with the results of continuing operations. c. The gain or loss on disposal should be reported as an unusual item. d. Results of operations of a discontinued segment should be disclosed immediately below other irregular items. 22. On January 1, 2017, Abalone Ltd. acquired 30% of Flounder Corp.'s common shares for $240,000. During 2017, Flounder reported net income of $100,000 and paid total dividends of $60,000. Abalone's 30% interest in Flounder gives Abalone the ability to exercise significant influence over their operating and financial policies. During 2018, Flounder reported net income of $150,000 and paid total dividends of $30,000 on April 1 and $40,000 on October 1. On July 1, 2018. Abalone sold half of its shares in Flounder for $158,000 cash. The carrying amount of this investment in Abalone's December 31, 2017 balance sheet should be a. $275,000. b. $252,000. c. $240,000. d. $270,000. 27. Florida Ltd.'s accounts payable balance at December 31, 2017 was $600,000 before any necessary year-end adjustments relating to the following: 1. Goods were in transit from a vendor to Florida on December 31, 2017. The invoice price was $40,000, and the goods were shipped FOB shipping point on December 29, 2017. The goods were received on January 4, 2018. 2. Goods shipped to Florida, FOB shipping point on December 20, 2017, from a vendor were lost in transit. The invoice price was $25,000. On January 5, 2018, Florida filed a $25,000 claim against the common carrier. At December 31, 2017, what amount should Florida report as total accounts payable? a. $600,000 b. $625,000 c. $640,000 d. $665,000 28. To record a "basket purchase" or to allocate a joint product cost, which method is the most rational? a. average cost b. relative sales value c. fair value d. amortized cost 29. Transactions for Durham Ltd. for the month of June were: Purchases June 1 (balance) 15 22 Sales 400 @ $ 3.20 June 2 300@ $5.50 1,100 @ 3.10 6 800 @ 5.50 600@ 3.30 9 500@ 5.50 900 @ 3.40 10 200 @ 6.00 250@ 3.50 18 700 @ 6.00 25 150@ 6.00 Durham uses the periodic inventory system. The ending inventory on a FIFO basis is a. $2,100. b. $2,065. c. $1.920. d. $1.900