Silver Lining Corporation, a public company, is a large silver producer Selected condensed information (in millions) for Silver Lining Corporation follows for the year ended September 30, 2017 Cost of sales $2,214 Loss from investment in associate 6 Silver sales 3,350 Income tax expense 60 Interest...

a SILVER LINING CORPORATION Income Statement Year ended September 30 2017 In millions Silve ...

Silver Lining Corporation, a public company, is a large silver producer. Selected condensed information (in millions) for

Question:

Silver Lining a public company, is a large silver producer. Selected condensed information (in millions) for Silver Lining follows for the year ended September 30, 2017:
Cost of sales........................................................$2,214
Loss from investment in associate......................................6
Silver sales............................................................3,350
Income tax expense.........................................................60
Interest expense...........................................................7
Interest revenue.........................................................38
Operating expenses...................................................639
Dividend revenue............................................................6
Loss on fair value adjustments-FVTPL...........................27
OCI-gain on fair value adjustments (net of taxes of $5).......12
Instructions
(a) Prepare an income statement and a separate statement of comprehensive income for the year ended September 30, 2017.
(b) Silver Lining had an opening balance in its Accumulated Other Comprehensive Income account of $49 million. What is the ending balance it would report in the shareholders' equity section of its at September 30, 2017?
TAKING IT FURTHER
If a company has purchased common shares of another company and designated them FVTOCI, IFRS generally does not allow the investor to reclassify the investment as FVTPL. Why do standard setters want to prevent companies from reclassifying investments?
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...