Below are selected accounts from O’Hara Oil Corp. at 31 December 20X1. The accounts have not a been closed for the year but transactions have been correctly recorded.

Required:
1. Calculate comprehensive income.
2. Calculate the closing balance in retained earnings and the amount in AOCI re: FVOCI investments.
3. Prepare the shareholders’ equity section of the SFP as of 31 December 20X1.

Transcribed Image Text:

Treasury stock, common Contributed capital on preferred share retirement Fractional common share rights outstanding Excess on common share retirement (shares retired for $401,000 while average issuance price was $316,000) Increase in unrealized FVOCI investment fair value in 20X1 20X1 earnings Common shares Class A preferred shares Cash dividends, common shares Change in accounting policy, net of tax (increases prior earnings) AOCI re: FVOCI investments, 1 January 20X1 Cash dividends, preferred shares Retained earnings, 1 January 20X1 Stock dividend, common shares $106,000 23,100 9,200 85,000 24,000 890,400 9,411,200 2,500,000 94,500 64,900 44,700 125,000 8,216,700 116,500