Presented in alphabetical order, the following data are from the accounting records of Stinson Corporation, a public company, at April 30, 2015:
Accounts payable...........................................................................$ 65,000
Accounts receivable...........................................................................48,000
Accumulated depreciation-equipment...................................................72,000
Accumulated other comprehensive income................................................18,000
Bonds payable, due 2019..................................................................150,000
Cash...........................................................................................100,480
Common shares (no par value, unlimited authorized, 200,000 issued)..............300,000
Depreciation expense........................................................................27,500
Dividend revenue.............................................................................11,000
Equipment....................................................................................275,000
Gain on fair value adjustment of trading investments....................................1,500
Gain on sale of trading investments.........................................................3,000
Income tax expense...........................................................................82,860
Income tax payable...........................................................................25,000
Interest expense................................................................................7,500
Interest receivable-bonds...................................................................1,680
Interest revenue................................................................................3,360
Investment in associate....................................................................170,000
Long-term investment-bonds due 2016................................................24,000
Long-term investment-Verma common shares.......................................220,000
Loss on fair value adjustment of trading investment-bonds..........................1,500
Other comprehensive income-loss on fair value adjustment, net of $3,600 tax..12,000
Rent expense.................................................................................79,000
Retained earnings..........................................................................161,660
Salary expense..............................................................................235,000
Service revenues...........................................................................550,000
Trading investments-Anderson common shares.......................................15,000
Trading investments-bonds..............................................................61,000
Instructions
Prepare a statement of comprehensive income and balance sheet at April 30, 2015.
Taking It Further
How would the balance sheet and income statement differ with respect to Stinson's investments if it were a private company and it reported under ASPE?