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Acrimony Ltd. has the following balances in its general ledger on 31 December 20X8 (in thousands of Canadian dollars): Debit Retained earnings, 31 December
Acrimony Ltd. has the following balances in its general ledger on 31 December 20X8 (in thousands of Canadian dollars): Debit Retained earnings, 31 December 20X7 Interest expense Sales revenue Cost of sales Accumulated other comprehensive income, 31 December 20X7 Dividends paid Credit $52,000 30,000 $ 900 9,200 1,950 3,200 Foreign currency gains and losses on 20X8 transactions 4,200 Income tax expense Selling and administrative expense Amortization on furniture and fixtures for 20x8 Write-off of obsolete inventory 1,720 4,600 1,650 650 Impairment of tangible capital assets 1,090 Additional contributed capital. 26,000 Loss on redemption of long-term debt 790 Unrealized foreign currency translation loss on self-sustaining U.S. subsidiary for 20X8, net of $184 income tax- 676 Required: Prepare a statement of income and comprehensive income. (Enter answers in thousands, not in whole Canadian dollar.)
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