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BE15.18 (LO 3, 4) Sawgrass Corporation, a public company, reported the following balances at January 1, 2020: Common Shares (32,000 shares issued, unlimited authorized) $ 800,000 Retained Earnings 1,500,000 Contributed Surplus 145,000 Accumulated Other Comprehensive Income 40,000 During the year ended December 31, 2020, the following summary transactions occurred: Net income earned during the year $400,000 Unrealized gain on fair value through other 25,000 comprehensive income (FV-OCI) investments Reduction of contributed surplus during the year due to 17,500 repurchase of common shares Reduction of common shares account balance during 25,000 the year due to repurchase of 1,000 common shares Dividends declared during the year on common shares 70,000 Issued 2,000 common shares during the year 100,000 a. Prepare a statement of changes in shareholders' equity for the year as required under IFRS. b. Prepare the shareholders' equity section of the SFP at December 31. c. How would the answer to parts (a) and (b) be different if Sawgrass prepared financial statements in accordance with ASPE?
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Accumulated other comprehensive income (loss)
Contributed surplus-reacquisition of common shares
Retained earnings
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Feb. 2
Sunland had the following transactions and events during 2021:
Apr. 17
Oct. 29
$ (26,000)
Dec. 31
559,000
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Repurchased 1.200 shares for $57,600.
Declared and paid cash dividends of $71,000.
Issued 1,900 shares for $106,000 cash.
Reported comprehensive income of $415,000, which included other comprehensive income of $31.000.
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loss on discounted operations 75,000. Retained earnings January 1, 2020 600,000
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Shares outstanding during 2020 were 100,000.
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On January 1, 2020, Acker Inc. had the following balance sheet.
Acker Inc.Balance SheetAs of January 1, 2020
Assets
Equity
Cash
$ 50,000
Common stock
$260,000
Debt investments (available-for-sale)
240,000
Accumulated other comprehensive income
30,000
Total
$290,000
Total
$290,000
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5. An entity provided the following data for the year ended December 1, 2019:
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Overdepreciation of 2018 due to prior period, net of tax 400 000
Net Income 3 000 000
Retained earnings appreciated for treasury shares (original balance is P500 000 but reduced by P200 000 by reason of reissuance of the treasury shares)
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780,000
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Feb. 2
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Apr. 17
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Oct. 29
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Dec. 31
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titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)
Date
Account Titles and Explanation
Debit…
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(a)
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Blush Company has the ability to exercise significant
when the fair value of net assets was P20,000,000.
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On July 1, 2020 Blush Company purchased 20% of the
influence over the operating and financial policies of the
investee. The following data concerning the investee are
available:
12 months ended
December 31, 2020 December 31, 2020
6 months ended
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[A] 1,700,000
[B] 1,760,000
[C] 1,880,000
[D] 1,940,000
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securities at fair value through other
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B P1,008,000
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