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Question (13 marks) ZAQ Limited recently reported the following statement of shareholders' equity in its most recent annual report. Dividends paid consisted of $25 million in common dividends and $5 million in preference dividends. ($ millions) Common Preferred Stock Stock Reinvested Earnings Accumulated Other Comprehensive Income Total Shareholders' Equity December 31, 2015 380 50 1,200 550 2,180 Net income 750 750 Foreign currency translation loss (40) (40) Other comprehensive income 20 20 Total comprehensive income 750 (20) 730 Dividends (30) (30) Common stock issued 20 20 Preferred stock issued 10 10 December 31, 2016 400 60 1,920 530 2,910 Required: (a) Reformulate the statement to show beginning and ending common shareholders' equity, total net transactions with common shareholders and comprehensive income available to common shareholders. (7 marks) (b) Calculate return on common equity for the most recent financial year. (1 mark) (c) Gains and losses on derivative instruments used for hedging purposes are recorded either as part of net income or as part of other comprehensive income. Under what circumstances are they recorded as part of net income? Under what circumstances are they recorded as part of other comprehensive income? (5 marks) Question (13 marks) ZAQ Limited recently reported the following statement of shareholders' equity in its most recent annual report. Dividends paid consisted of $25 million in common dividends and $5 million in preference dividends. ($ millions) Common Preferred Stock Stock Reinvested Earnings Accumulated Other Comprehensive Income Total Shareholders' Equity December 31, 2015 380 50 1,200 550 2,180 Net income 750 750 Foreign currency translation loss (40) (40) Other comprehensive income 20 20 Total comprehensive income 750 (20) 730 Dividends (30) (30) Common stock issued 20 20 Preferred stock issued 10 10 December 31, 2016 400 60 1,920 530 2,910 Required: (a) Reformulate the statement to show beginning and ending common shareholders' equity, total net transactions with common shareholders and comprehensive income available to common shareholders. (7 marks) (b) Calculate return on common equity for the most recent financial year. (1 mark) (c) Gains and losses on derivative instruments used for hedging purposes are recorded either as part of net income or as part of other comprehensive income. Under what circumstances are they recorded as part of net income? Under what circumstances are they recorded as part of other comprehensive income