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Acrimony Ltd. has the following balances in its general ledger on 31 December 20X8 (in thousands of Canadian dollars): Debit Cost of sales Dividends
Acrimony Ltd. has the following balances in its general ledger on 31 December 20X8 (in thousands of Canadian dollars): Debit Cost of sales Dividends paid Retained earnings, 31 December 20X7 Sales revenue Interest expense Accumulated other comprehensive income, 31 December 20X7 Foreign currency gains and losses on 20X8 transactions Credit $59,000 37,000 $ 970 9,900 2,300 3,900 4,900 Income tax expense Selling and administrative expense Amortization on furniture and fixtures for 20X8 Write-off of obsolete inventory 2,070 5,300 2,000 720 Impairment of tangible capital assets 1,160 Additional contributed capital 33,000 Loss on redemption of long-term debt 860 Unrealized foreign currency translation loss on self-sustaining U.S. subsidiary for 20X8, net of $219 income tax 781 Required: Prepare a statement of income and comprehensive income. (Enter answers in thousands, not in whole Canadian dollar.) Prepare a statement of income and comprehensive income. (Enter answers in thousands, not in whole Canadian dollar.) ACRIMONY LIMITED Statement of Comprehensive Income Year ended 31 December 20X8 (thousands of Canadian dollars) Operating expenses: Other income (expense) Other Comprehensive Income:
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