Below are the completed financial statement columns of the work sheet for Canned Heat Limited:

Instructions
(a) Prepare a statement of comprehensive income, statement of changes in shareholders' equity, and statement of financial position. Canned Heat's shareholders invested $24,000 in exchange for common shares. Accumulated other comprehensive income had a balance of SO on January I, 2014.
(b) Prepare closing entries for the year ended December 31,2014, and a post-closing trial balance.

CANNED HEAT LIMITED Work Sheet For the Year Ended December 31, 2014 Statement of Comprehensive Income Statement of Financial Position Account No. 101 112 130 140 157 167 201 212 301 306 400 622 Account Titles Cash Accounts receivable Prepaid insurance FV-CC nvestments Equipment Accumulated depreciation-equipment Accounts payable Salaries and wages payable Common shares Retained earnings Service revenue Maintenance and repairs expense Depreciation expense Insurance expense Salaries and wages expense Utilities expense Unrealized gain or loss OCI Dr Cr. Dr. 18,000 42,000 1,800 25,500 98,000 Cr 28.600 31,600 7,200 80,000 60,000 142,000 722 726 732 801 13,200 38,800 8,800 106,600 3,500 6,800 148,800 22,100 170,900 Totals Net Loss and OCI 170,900 185,300 207,400 22,100 207,400 170,900 207,400