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Acrimony Ltd. has the following balances in its general ledger on 31 December 20X8 (in thousands of Canadian dollars): Debit Credit Retained earnings, 31 December
Acrimony Ltd. has the following balances in its general ledger on 31 December 20X8 (in thousands of Canadian dollars):
Debit | Credit | |||
Retained earnings, 31 December 20X7 | $ | 45,000 | ||
Sales revenue | 23,000 | |||
Interest expense | $ | 830 | ||
Cost of sales | 8,500 | |||
Accumulated other comprehensive income, 31 December 20X7 | 1,600 | |||
Dividends paid | 2,500 | |||
Foreign currency gains and losses on 20X8 transactions | 3,500 | |||
Income tax expense | 1,370 | |||
Selling and administrative expense | 3,900 | |||
Amortization on furniture and fixtures for 20X8 | 1,300 | |||
Write-off of obsolete inventory | 580 | |||
Impairment of tangible capital assets | 1,020 | |||
Additional contributed capital | 19,000 | |||
Loss on redemption of long-term debt | 720 | |||
Unrealized foreign currency translation loss on self-sustaining | ||||
U.S. subsidiary for 20X8, net of $149 income tax | 571 | |||
Required: Prepare a statement of income and comprehensive income. (Enter answers in thousands, not in whole Canadian dollar.)
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