(3). IFRS requires a Statement of Changes in Equity as part of a company's financial statements. Which is the comparable statement under ASPE? A. Statement of Retained Earnings B. Statement of Comprehensive Income C. Statement of Partnership Equity D. Statement of Changes in Private Equity #3 Answer: (4). Assume Sunny Corp. wants to earn an 8% return on an asset with a fair value of $1,200,000. This asset is to be leased to Cloudy Corp. for ten years with an annual payment due in advance each year. There is no purchase option but an unguaranteed residual value of $50,000 included in this lease. How much should Sunny charge Cloudy for the annual payment? A. $120,000 B. $162,393 C. $165,588 D. $96,000 Answer Use the following information to answer questions 5-10