all information given and journal entries are right

1 Amana Cement Corporation is a private corporation controlled by Amin Amana. The company's adjusted trial balance and other related data at 31 December 20X5 are given below. Although the company uses some obsolete terminology, the amounts are correct. 25 points eBook References AMANA CEMENT CORPORATION Adjusted Trial Balance 31 December 20X5 Debit Balance Accounts Cash $ 30,400 Land (used for building site) 101,600 Cost of goods sold 118,100 Short-term securities, at market (cost, $32,000) 33,000 Investment in U.S. subsidiary 78,600 Goodwill 94,400 Merchandise inventory 22.800 Office supplies inventory 1,600 Patent 5,600 Operating expenses 44,000 Income tax expense 14,000 Impairment of patent 6,100 Prepaid insurance 970 Building (at cost) 161,700 Land (held for speculation) 80.900 Translation loss on U.S. subsidiary, 31 December 20X4 12,900 Accrued interest receivable Accounts receivable (trade) 26.400 Note receivable, 10% (long-term investment) 34,800 Subscriber lists (net) 25,500 Prepayments to pension fund in advance of expensing (long- 30,200 term) Dividends declared in 20X5, payable in 20X6 17,500 Correction of error from prior yearno income tax effect 17,500 350 $958,920 Credit Balance Accounts Reserve for bad debts Accounts payable (trade) 1,000 13.700 251,200 Revenues 2015 translation main on US subsidiary 17 ann 1 Required: 1-a. Prepare the income statement. 25 points AMANA CEMENT CORPORATION Income Statement Year ended 31 December 20X5 (Amounts in Canadian dollars) Revenues Expenses: Cost of goods sold Operating expenses Impairment of patent Income tax expense eBook References Total expenses Net income 0 0 $ 1-b. Compute EPS. (Round the answer to two decimal places.) EPS 2. Prepare the statement of retained earnings. (Negative and deductible amounts should be indicated by a minus sign.) 1 2. Prepare the statement of retained earnings. (Negative and deductible amounts should be indicated by a minus sign.) 25 points AMANA CEMENT CORPORATION Statement of Changes in Retained Earnings Year Ended 31 December 20X5 (Amounts in Canadian dollars) Balance, 31 December 20X4 Adjustments: Correction of error from 20X3 Change in accounting policy Restated balance, 1 January 20X4 Net income Dividends declared eBook 0 o 0 References Shareholders' equity, 31 December 20X5 $ 0 3. Prepare the SFP. AMANA CEMENT CORPORATION Statement of Financial Position 31 December 20X5 Assets Current assets Cash Short-term investment Trade accounts receivable Interest receivable Merchandise inventory Office cunnline inuantan, 1 3. Prepare the SFP. AMANA CEMENT CORPORATION Statement of Financial Position 31 December 20X5 25 points Assets Current assets Cash eBook References Short-term investment Trade accounts receivable Interest receivable Merchandise inventory Office supplies inventory Prepaid insurance Total current assets $ 0 Noncurrent assets Note receivable Land and buildings, net Intangible assets Investment property - land Investment in U.S. subsidiary Pension asset $ 0 Total assets $ 0 Liabilities Current liabilities: Accounts payable Notes payable (short-term) Wages payable Advances from customers 1 $ $ 0 0 Total assets 25 points Liabilities Current liabilities: Accounts payable Notes payable (short-term) Wages payable Advances from customers Rent revenue collected in advance Property tax payable Current portion of bonds payable eBook References $ 0 Total current liabilities Noncurrent liabilities: Notes payable Bonds payable Future income tax 0 $ 0 Total noncurrent liabilities Total liabilities Shareholders' Equity Common shares Translation gain (loss) on U.S. subsidiary Retained earnings 0 $ $ Total liabilities and shareholders' equity 0