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need answers Asap The Atlantic Refinery Corp (ARC) is a public company headquartered in St. John's, Newfoundland On 31 December 20X5, the post- closing trial
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The Atlantic Refinery Corp (ARC) is a public company headquartered in St. John's, Newfoundland On 31 December 20X5, the post- closing trial balance included the following accounts (in thousands of Canadian dollars). Credit Debit 570, 280 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 (from purchase of Mongolian subsidiary) Investment in shares of upstrean affiliate Retained earnings Trademarks 5 33,100 176,008 12,100 85,000 3,000 33,600 18,700 35,900 511,780 6,400 The following transactions and events occurred during 20X6 a. Net income amounted to $41 million b. The value of trademarks was written off after ARC lost a patent protection lawsuit c. An additional $17 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 $45 million e. The future liability for site restoration was increased by S3 million. 1 Common shares with a stated value of $15 million were repurchased on the open market for $20 million and cancelled The original issue price of the shares amounted to $18. of which $3 million had been credited to contributed surplus. 9. A new class of preferred shares was issued to a major public sector pension plan for $89 million to finance future development h Dividends totalling $22 million were issued during the year. Of that amount, $2 million were declared on 24 December 20X6. payable to shareholders of record on January 15, 20XZ The translated amount of ARC's investment in Mongolian subsidiary declined by $2 million due to a rise in the value of the Canadian dollar Pour 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 gain (loss) surplus earnings bond equity Preferred shares Common shares Total Balance 31 Dec 20X5 Change in accig policy Adjusted opening balance Net income, 20X6 Dividends declared Change in convertibles Translation in 20X6 Preferred shares issued Common shares repurchased Balance 31 Dec 20X6Step by Step Solution
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