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 equity, and statement of financial position. During 2017, Canned Heat's shareholders invested $24,000 in exchange for common shares. Accumulated other comprehensive income had a balance of $0 on January 1, 2017.
(b) Prepare closing entries for the year ended December 31, 2017, and a post-closing trial balance.
(c) Briefly discuss how the financial statement in part (a) would change if Canned Heat followed ASPE rather than IFRS.
(d) Assume that Canned Heat operates as a partnership. What additional changes, beyond those discussed in part (c), would affect the financial statement prepared in part (a)?

CANNED HEAT LIMITED For the Year Ended December 31, 2017 Statement of Comprehensive Income Statement of Financial Position Account Cr Accumulated depreciation-equipment Accounts payable Salaries and wages payable Retained earnings 142,000 Repairs and maintenance expense Salaies and wages expense Unrealized gain or loss-OCI 170,900 148,800 185,300 207,400 Net loss and OCI 22,100 170,900 22,100 207,400 207,400 170,900