The Red Dog Restaurant Limited reported the following balances at January 1, 2012: Common SharesNo Par Value

Question:

The Red Dog Restaurant Limited reported the following balances at January 1, 2012: Common Shares—No (32,000 shares issued, unlimited authorized).... $ 800,000
Retained Earnings ........................1,500,000
Contributed Surplus ....................... 540,000
Accumulated Other Comprehensive Income .............. 40,000
During the year ended December 31, 2012, the following summary transactions occurred:
Net income earned during the year ................... $400,000
Holding gain on investments accounted for using the fair value through other comprehensive income model ............................ 25,000
Reduction of contributed surplus during year due to
repurchase of common shares ..................... 420,000
Reduction of common shares account balance during year due to
repurchase of 1,000 common shares .................23,000
Dividends paid during the year on common shares ...........70,000
Issued 2,000 common shares during the year ..............30,000
(a). Prepare a statement of changes in shareholders’ equity for the year as required under IFRS.
(b). Prepare the shareholders’ equity section of the at December 3 Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...