The Atlantic Refinery Corp. (ARC) is a public company headquartered in St. Johns, Newfoundland. On 31 December 20X5, 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 shares 170,000 Translation differential from Mongolian subsidiary 12,000 Convertible bonds 85,000 Equity portion of convertible bonds 5,000 Contributed surpluspremium on common shares issued 35,000 Goodwill (from purchase of Mongolian subsidiary) 18,000 Investment in shares of upstream affiliate 36,000 Retained earnings 533,000 Trademarks 6,800 The following transactions and events occurred during 20X6: Net income amounted to $47 million. The value of trademarks was written off after ARC lost a patent protection lawsuit. An additional $1.5 million of convertible bonds was transferred from the debt portion to the equity portion. 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 $31 million. The future liability for site restoration was increased by $5 million. Common shares with a stated value of $15 million were repurchased on the open market for $20 million and cancelled. The issue price of the shares amounted to $18 million, of which $3 million had been credited to contributed surplus. A new class of preferred shares was issued to a major public sector pension plan for $85 million to finance future development. Dividends totalling $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. The translated amount of ARCs investment in Mongolian subsidiary declined by $2 million due to a rise in the value of the Canadian dollar.