Radiant Energy Corporation Access the 2008 annual report for Radiant Energy Corporation for the year ended October 31, 2008, from SEDAR (www.sedar.com).
Instructions
(a) Review the Consolidated Statement of Loss for October 31, 2008. How much was the gain or loss on debt settlements for each of the years reported? For 2008, review the notes and give explanations of the gain or loss on settlement of debts that are provided in Notes 8, 9, and 11. (Note: you will have unreconciled differences that have no explanation provided.)
(b) Read Note 5 on Discontinued Operations (page 11). How much was the gain on debt settlement for 2008? Using the information in Notes 5 and 11, try to determine how the gains were determined. (Note: you will have unreconciled differences that have no explanation provided.)