Preparing a balance sheet and an income statement The following information is based on accounting data for 2007 and 2008 for ChemAsia Limited (ChemAsia), a large petrochemicals company in China. ChemAsia applies IFRS, arid reports its results in millions of U.S. dollars.

a. Prepare an income statement for ChemAsia for the year ending December 31, 2008.
b. Prepare a comparative balance sheet for ChemAsia on December 31, 2007, and December 31, 2008. Use the IFRS convention to order the accounts on the balance sheet.
c. Prepare an analysis of the change in Retained Earnings during the year ending December 31,2008.

December 31 Balance Sheet Items Cash ... Accounts Receivable.. 2008 2007 $ 54,070 S 88,589 18,419 8,488 Advances to Suppliers.. Inventories ... Other Current Assets. 20,385 12,664 76,038 88,467 13,457 20,367 Property, Plant, and Equipment (net). Oil and Gas Properties.. Intangible Assets... 231,590 247,803 326,328 270,496 20,022 16,127 Other Noncurrent Assets 163,711 132,214 Accounts Payable to Suppliers 104,460 77,936 Advances from Customers 12,433 11,590 Other Current Liabilities 84,761 90,939 Long-Term Debt... Other Noncurrent Liabilities. Common Stock.... Retained Earnings 35,305 30,401 42,062 36,683 444,527 354,340 270,544 213,255 Income Statement Items 2008 Net Operating Revenues S835,037 Interest and Other Revenues 3,098 Cost of Sales.... Selling Expenses. General & Administrative Expenses Other Operating Expenses Interest Expense. Income Taxes... 487,112 41,345 49,324 64,660 2,869 49,331