Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Atlantic Refinery Corp. (ARC) is a public company he balance included the following accounts (in thousands of Canadian dollars): in St. John's, Newfoundland. On

image text in transcribed
image text in transcribed
The Atlantic Refinery Corp. (ARC) is a public company he balance included the following accounts (in thousands of Canadian dollars): in St. John's, Newfoundland. On 31 in for future site restoration $70,100 s 33,200 166,000 11,900 84,300 6,000 33,600 17,600 35,200 earnings 511,600 Trademarks 6,500 The following t s and events occurred during 20X6 a. Net income amounted to $53 million. b. The value of trademarks was written off after ARC lost a patent protection lawsuit. c. An additional $1.7 million of convertible bonds was transferred from the debt portion to the equity portion. d. An earnings by an aggregate amount of $38 million e. The future liability policy was changed due to a new IFRS taking effect in 20x6, the effect of retrospective restatement was to for site restoration was increased by $6 million. value of $15 million were repurchased on the open market for $21 million and cancelled. The original issue price of the to $18, of which $3 million had been credited to contributed surplus. shares a g. A new class of preferred shares was is to a major public sector pension plan for $87 million to finance future development totalling $21 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 in Mongolian subsidiary declined by $4 millin due to a rise in the value of the Canadian dolar. Required: Prepare a statement of changes in equity for Atlantic Refinery Corp. for the year ended 31 December 20X6. (Enter answer in thousands, million or whole Canadian dollars. Negative amounts should be indicated by a minus sign.) Refinery C Statement of Changes in Equity Year Ended 31 Dec (thousands of Canadian dollars) x6 Translation Contributed Retained Convertible Preferred Common Total bond e 31 Dec 20x5

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contemporary Auditing Issues And Cases

Authors: Michael Chris Knapp

3rd Edition

0538891173, 9780538891172

More Books

Students also viewed these Accounting questions