Question

Mackay Corporation completed, authorized, and issued its financial statements following IFRS for the year ended December 31, 2011, on March 10, 2012. The following events took place early in 2012.
1. On January 10, 19,000 common shares were issued at $45 per share.
2. On March 1, Mackay determined after negotiations with the Canada Revenue Agency that income taxes payable for 2011 should be $1.2 million. At December 31, 2011, income taxes payable were recorded at $1 million.
Instructions
Discuss how these post-balance sheet events should be reflected in the 2011 financial statements.


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  • CreatedAugust 23, 2015
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