Q1.

Ayayai Limited reports the following for 2020: sales revenue, $ 907,000; cost of sales, $ 755,000; operating expenses, $ 100,700; and unrealized gain on FV-OCI investments, $ 60,900. The company had January 1, 2020 balances as follows: common shares, $ 500,000; accumulated other comprehensive income, $ 200,000; and retained earnings, $ 907,000. The company did not issue any shares during 2020. On December 15, 2020, the board of directors declared a $ 300,000 dividend payable on January 31, 2021. Prepare a statement of changes in equity. Ignore income tax.

Q2.

The Bramble Corporation had income from operations before tax for 2020 of $ 5 million. In addition, it suffered an unusual and infrequent loss of $ 1,050,000 from a tornado. Of this amount, $ 500,000 was insured. In addition, the company realized a loss from the sale of a building amounting to $ 250,000. The corporation's tax rate is 20%. Prepare a partial income statement for Bramble, beginning with income from operations. The corporation had 2 million common shares outstanding during 2020. Include calculation of EPS. (Round per share answer to 2 decimal places, e.g. 52.74.)

Q3.

On January 1, 2020, Concord Corporation had cash and common shares of $ 80,000. At that date, the company had no other asset, liability, or shareholders' equity balances. On January 2, 2020, Concord Corporation paid $ 60,000 cash for equity securities that it designated as fair value through other comprehensive income (FV-OCI) investments. During the year, Concord Corporation received non-taxable cash dividends of $ 26,000 and had an unrealized holding gain of $ 21,000 (net of tax) on these securities. Determine the following amounts for 2020:

(a)		Net Income / (Loss)
(b)		Other Comprehensive Income
(c)		Comprehensive Income
(d)		Accumulated Other Comprehensive Income (as at the end of 2020)