Pike Corporation, a clothing retailer, had income from operations (before tax) of $375,000, and recorded the following before-tax gains/(losses) for the year ended December 31, 2017:

Gain on sale of equipment .................................... 27,000

Unrealized (loss)/gain on FV-NI investments ............. (54,000)

(Loss)/gain on disposal of building ........................ (68,000)

Gain on sale of FV-NI investments ........................ 33,000

Pike also had the following account balances as at January 1, 2017:

Retained earnings ..................................................... $410,000

Accumulated other comprehensive income

(this was due to a revaluation surplus on land) ...................... 74,000

Accumulated other comprehensive income

(this was due to gains on FV-OCI investments) ..................... 55,000

As at January 1, 2017, Pike had one piece of land that it accounted for using the revaluation model. It was most recently revalued to fair value on December 31, 2016, when its carrying amount was adjusted to fair value of $215,000. In January 2017, the piece of land was sold for proceeds of $216,000. In applying the revaluation model, Pike maintains the balance in the Revaluation Surplus (OCI) account until the asset is retired or disposed of.

In 2012, Pike purchased a portfolio of investments that the company intended to hold for longer-term strategic purposes, and classified the portfolio of investments as fair value through other comprehensive income (FV-OCI). The investments in the portfolio are traded in an active market. Pike records unrealized gains and losses on these investments as OCI, and then books these gains and losses to net income when they are impaired or sold. The portfolio's carrying amount on December 31, 2016, was $110,000. The entire portfolio was sold in November 2017 for proceeds of $126,000.

Pike's income tax expense for 2017 was $99,000. Pike prepares financial statements in accordance with IFRS.

Instructions

(a) Calculate net income for the year ended December 31, 2017.

(b) Calculate retained earnings as at December 31, 2017.

(c) Explain the change in accumulated other comprehensive income in 2017.

(d) Calculate net income for the year ended December 31, 2017, and retained earnings as at December 31, 2017, if Pike prepares financial statements in accordance with ASPE. Assume that under ASPE, Pike's retained earnings at January 1, 2017, would be $465,000, and that Pike's income tax expense would not change.