The accounting records of Callen Incorporated reveal the following for
The accounting records of Callen Incorporated reveal the following for Year 7 and Year 8. Callen applies U.S. GAAP, and reports its results in thousands of euros.


a. Prepare a comparative balance sheet for Callen Incorporated as of December 31, Year
7, and December 31, Year 8. Classify each balance sheet item into one of the following categories: current assets, noncurrent assets, current liabilities, noncurrent liabilities, and shareholders’ equity.
b. Prepare an income statement for Callen Incorporated for the year ended December 31, Year 8. Separate income items into revenues and expenses.
c. Prepare a schedule explaining the change in Retained Earnings between December 31, Year 7, and December 31, Year 8. Callen declared dividends during Year 8. You will need to derive the amount in working this part of theproblem.
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