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On 31 December 20X5, ABC company is a public headquartered in Vancouver. the post-closing trial balance included the following accounts ( in thousands of Canadian

On 31 December 20X5, ABC company is a public headquartered in Vancouver. the post-closing trial balance included the following accounts ( in thousands of Canadian dollars.

Debit Credit
Investment in Mongolian subsidiary $72,000
Provision for future site restoration $34,000
Common share 170,000
Translation differential from Mongolian subsidiary 12,000
Convertible bonds 85,000
Equity portion of convertible bonds 5,000
Contributed surplus premium on common shares issued 35,000
Goodwill from purchase of Mongolian subsidiary 18,000
Investment in shares of upstream affiliate 36,000
Retained Earning 533,000
Trademarks 6,800

The following transactions and events occurred during 20X6.

1. Net income amounted to $47 million.

2. The value of trademarks was written off after ABC lost a patent protection lawsuit.

3. An additional $1.5 million of convertible bonds was transferred from the debt portion to the equity portion.

4. An accounting policy was changed due to a new IFRS taking effect in 20X6. the effect of retrospective restatement was reduced prior years earning by an aggregate amount of $31 million

5. The future liability for site restoration was increased by $5million.

6. Common shares with a stated value of $15 million were repurchased on the open market for $20 million and canceled. The original issue price of the shares amounted to $18 of which $3million had been credited to contributed surplus.

7. A new class of preferred shares was issued to a major public sector pension plan for $85 million to finance future development.

8. Dividends totaling $24 million were issued during the year. Of that amount, $6 million were declared on 24 December 20X6, payable to shareholders of record on January 15, 20X7.

9. The translated amount of ABC's investment in Mongolian subsidiary declined by $2 million due to a rise in the value of Canadian dollar.

Prepare a statement of change in equity for ABC for the year ended 31 December 30X6.

Explain assumption you need to make if any. Hint: Not all of the accounts listed above are relevant to the SCE.

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