Bad The Atlantic Refinery Corp. (ARC) is a public company headquartered in St. John's, Newfoundland. On 31 December 2005, the post- closing trial balance included the following accounts (in thousands of Canadian dollars) Debit $70,500 Credit Investment in Mongolian subsidiary Provision for future site restoration Common shares Translation differential from Mongolian subsidiary Convertible bonds Equity portion of convertible bonds Contributed surplus-premium on common shares issued Goodwill rom purchase of Mongolian subsidiary) Investment in shares of upatream affiliate Retained earnings Trademarka $ 33,500 167,500 11, 900 84,300 4,000 34,300 17,700 35, 400 522,300 6,600 The following transactions and events occurred during 20X6 a. Net income amounted to $42 million. b. The value of trademarks was written off after ARC lost a patent protection lawsuit c. An additional $1.5 million of convertible bonds was transferred from the debt portion to the equity portion. d. An accounting policy was changed due to a new IFRS taking effect in 20X6, the effect of retrospective restatement was to reduce prior years' earnings by an aggregate amount of $43 million e. The future liability for site restoration was increased by $4 million Common shares with a stated value of $17 million were repurchased on the open market for $25 million and cancelled. The original Issue price of the shares amounted to $21, of which $4 million had been credited to contributed surplus 9. A new class of preferred shares was issued to a major public sector pension plan for $76 million to finance future development h. Dividends totalling $26 million were issued during the year. Of that amount. $4 million were declared on 24 December 20X6. payable to shareholders of record on January 15, 20x7. The translated amount of ARC's investment in Mongolian subsidiary deelined by $5 million due to a rise in the value of the Canadian dollar Prev 1 of 3 !!! Next > Q Search Seved payable to shareholders of record on January 15, 20X7 L. The translated amount of ARC's investment in Mongolian subsidiary declined by $5 million due to a rise in the value of the Canadian dollar Required: Prepare a statement of changes in equity for Atlantic Refinery Corp. for the year ended 31 December 20X6. (Enter answer in thousands, not in million or whole Canadian dollars. Negative amounts should be indicated by a minus sign.) Atlantic Refinery Corporation Statement of Changes in Equity Year Ended 31 December 20x6 (thousands of Canadian dollars) Translation Contributed Retained Convertible Preferred gain (loss) surplus earnings bond equity shares Common shares Total $ 0 0 0 0 Balance, 31 Dec 20X5 Change in acetg policy Adjusted opening balance Net income, 20X6 Dividends dedared Change in convertibles Translation gain, 20X6 Preferred shares issued Common shares repurchased Balance 31 Dec 20X6 D 0 D 0 0 S OS 0$ 0 $ 0 $ 0 $ 0 of 3 !!! Next >