Financial statements of Champlain Ltd. and its 80% owned subsidiary Samuel Ltd. as at December 31 , Year 8 , are presented below. Additional Information: - Champlain acquired 8,000 ordinary shares of Samuel on January 1 , Year 4 , for $128,100. Samuel's shares were trading for $14 per share on the date of acquisition. The retained earnings and accumulated depreciation of Samuel were $12,600 and $18,200, respectively, on that date, and there have been no subsequent changes in the ordinary shares account. On January 1 , Year 4 , fair values were equal to carrying amounts except for the following: - The patent of Samuel had a remaining legal life of eight years on January 1, Year 4, and any goodwill was to be tested annually for impairment. As a result, impairment losses occurred as follows: - On January 1, Year 6, Samuel sold equipment to Champlain at a price that was $22,200 in excess of its carrying amount. The equipment had an estimated remaining life of six years on that date. - On January 1, Year 8, the inventories of Champlain contained items purchased from Samuel on which Samuel had made a profit of $3,100. During Year 8 , Samuel sold goods to Champlain for $93,200, of which $22,200 remained unpaid at the end of the year. Samuel made a profit of $3,300 on goods remaining in Champlain's inventory at December 31 , Year 8 . - On July 1, Year 8 , Champlain issued $25,000 of ordinary shares to a private investor. - Champlain sold a tract of land to Samuel in Year 5 at a profit of $8,200. This land is still held by Samuel at the end of Year 8. - Assume a corporate tax rate of 40%. (ii) Statement of changes in equity (Input all values as positive numbers. Omit $ sign in your response.) Financial statements of Champlain Ltd. and its 80% owned subsidiary Samuel Ltd. as at December 31 , Year 8 , are presented below. Additional Information: - Champlain acquired 8,000 ordinary shares of Samuel on January 1 , Year 4 , for $128,100. Samuel's shares were trading for $14 per share on the date of acquisition. The retained earnings and accumulated depreciation of Samuel were $12,600 and $18,200, respectively, on that date, and there have been no subsequent changes in the ordinary shares account. On January 1 , Year 4 , fair values were equal to carrying amounts except for the following: - The patent of Samuel had a remaining legal life of eight years on January 1, Year 4, and any goodwill was to be tested annually for impairment. As a result, impairment losses occurred as follows: - On January 1, Year 6, Samuel sold equipment to Champlain at a price that was $22,200 in excess of its carrying amount. The equipment had an estimated remaining life of six years on that date. - On January 1, Year 8, the inventories of Champlain contained items purchased from Samuel on which Samuel had made a profit of $3,100. During Year 8 , Samuel sold goods to Champlain for $93,200, of which $22,200 remained unpaid at the end of the year. Samuel made a profit of $3,300 on goods remaining in Champlain's inventory at December 31 , Year 8 . - On July 1, Year 8 , Champlain issued $25,000 of ordinary shares to a private investor. - Champlain sold a tract of land to Samuel in Year 5 at a profit of $8,200. This land is still held by Samuel at the end of Year 8. - Assume a corporate tax rate of 40%. (ii) Statement of changes in equity (Input all values as positive numbers. Omit $ sign in your response.)