Presented in alphabetical order, the following data are from the accounting records of Vladimir
Corporation, at December 31, 2014:
Accounts payable...............................................................................$ 85,000
Accounts receivable..............................................................................68,000
Accumulated depreciation-equipment.......................................................92,000
Accumulated other comprehensive income...................................................28,000
Allowance for doubtful accounts................................................................4,000
Bonds payable...................................................................................250,000
Cash...............................................................................................150,000
Common shares (no par value, unlimited authorized, 200,000 issued)..................250,000
Depreciation expense..............................................................................28,000
Dividend revenue...................................................................................9,000
Equipment........................................................................................288,000
Gain on fair value adjustment of trading investments-bonds..............................2,600
Gain on sale of trading investments-common shares........................................2,500
Income tax expense..............................................................................79,290
Income tax payable...............................................................................16,000
Interest expense...................................................................................12,500
Interest payable.....................................................................................5,000
Interest revenue.....................................................................................3,300
Investment in associate..........................................................................215,000
Long-term investment-bonds due 2016......................................................36,000
Long-term investment-Burma common shares.............................................185,000
Loss on fair value adjustment of trading investments-common shares....................1,500
Notes receivable-due 2017.....................................................................75,000
Other comprehensive income-gain on fair value adjustment, net of $3,600 tax.......12,000
Rent expense.......................................................................................45,000
Retained earnings........................................................................................?
Revenue from investment in associate.........................................................31,000
Salary expense...................................................................................335,000
Service revenues.................................................................................651,000
Trading investments-common shares........................................................37,000
Trading investments-bonds...................................................................82,500
Instructions
Prepare a statement of comprehensive income and balance sheet at December 31, 2014.
Taking It Further
Indicate if there would be any differences in reporting Vladimir's investments if it were a private company and it reported under ASPE. Explain.