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Prepare the retained earnings section of the statement of changes in equity for 2023. (List items that increase retained earnings first following the adjustment of prior years.) Blue Spruce Corp. Excerpt from Statement of Changes in Equity $

Prepare the retained earnings section of the statement of changes in equity for 2023. (List items that increase retained earnings first following the adjustment of prior years.) Blue Spruce Corp. Excerpt from Statement of Changes in Equity $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare the retained earnings section of the statement of changes in equity for 2023. (List items that increase retained earnings first following the adjustment of prior years.) : 3:0 Blue Spruce Corp. Excerpt from Statement of Changes in Equity LA
Transcribed Image Text:Prepare the retained earnings section of the statement of changes in equity for 2023. (List items that increase retained earnings first following the adjustment of prior years.) : 3:0 Blue Spruce Corp. Excerpt from Statement of Changes in Equity LA
The following is information for Blue Spruce Corp. for the year ended December 31, 2023: Sales revenue Unrealized gain on FV-OCI equity investments Interest income Cost of goods sold Selling expenses Administrative expenses Dividend revenue $1,370,000 42,000 8,000 822,000 68,500 48,000 23,000 Loss on inventory due to decline in net realizable value Loss on disposal of equipment Depreciation expense related to buildings omitted by mistake in 2022 Retained earnings at December 31, 2022 Loss from expropriation of land Dividends declared $80,000 40,000 51,000 900,000 63,000 41,000 The effective tax rate is 20% on all items. Blue Spruce prepares financial statements in accordance with IFRS. The FV-OCI equity investments trade on the stock exchange. Gains/losses on FV-OCI investments are not recycled through net income.
Transcribed Image Text:The following is information for Blue Spruce Corp. for the year ended December 31, 2023: Sales revenue Unrealized gain on FV-OCI equity investments Interest income Cost of goods sold Selling expenses Administrative expenses Dividend revenue $1,370,000 42,000 8,000 822,000 68,500 48,000 23,000 Loss on inventory due to decline in net realizable value Loss on disposal of equipment Depreciation expense related to buildings omitted by mistake in 2022 Retained earnings at December 31, 2022 Loss from expropriation of land Dividends declared $80,000 40,000 51,000 900,000 63,000 41,000 The effective tax rate is 20% on all items. Blue Spruce prepares financial statements in accordance with IFRS. The FV-OCI equity investments trade on the stock exchange. Gains/losses on FV-OCI investments are not recycled through net income.
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