You are provided with the following income accounts of Oakridge Ltd. for the year ended December 31,

Question:

You are provided with the following income accounts of Oakridge Ltd. for the year ended December 31, 2021. Oakridge reported profit from operations of $125,000 for the year ended December 31, 2021. Oakridge’s income tax rate is 30%.

Interest revenue ................................. $5,000
Investment income or (loss) .............. (6,000)
OCI—Holding gain or (loss) ................ 3,000
Interest expense .................................. 8,000


Instructions

a. Does Oakridge use ASPE or IFRS? Explain.

b. Prepare an all-inclusive statement of comprehensive income starting with profit from operations.

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Related Book For  book-img-for-question

Accounting Principles Volume 2

ISBN: 978-1119502555

8th Canadian Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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