High Liner Foods Inc. operates in the North American packaged foods industry and primarily processes and markets frozen seafood and distributes products to retail and food service customers. Exhibit 3.30 contains selected financial information for 2016.

EXHIBIT 3.30 Selected 2016 Financial Information for High Liner Foods
(in thousands of US dollars)
Net Income ..........................................................      32,950
Retained Earnings, opening balance ................    125,843
Dividends Declared .............................................      12,145

Required.

a. Determine the company’s ending Retained Earnings balance. Refer to Exhibit 3.30.

b. Identify three things that we know about the company because it has an opening balance in Retained Earnings.

c. During the year ended December 31, 2016, High Liner Foods had depreciation expense of $5,789 thousand on its production equipment, $4,144 thousand on its building structures, and $2,013 thousand on its computer equipment. Prepare the adjusting entry that would have been required if the company recorded all of its depreciation in a single entry.

d. The company had prepaid expenses of $3,340 thousand as at December 31, 2016. Identify two types of likely prepaid expenses and explain when they would be expensed.