The Atlantic Refinery Corp. $($ARC$)$ is a public company headquartered in St$.$ John's, Newfoundland. On $31$ December $20\backslash$times $5,$ the post$-$

closing trial balance included the following accounts $($in thousands of Canadian dollars$)$:

The following transactions and events occurred during $20$X$6$:

a$.$ Net income amounted to $$48$ million.

b$.$ The value of trademarks was written off after ARC lost a patent protection lawsuit.

c$.$ An additional $$1\mathrm{.}7$ million of convertible bonds was transferred from the debt portion to the equity portion.

d$.$ An accounting policy was changed due to a new IFRS taking effect in $20$X$6$; the effect of retrospective restatement was to reduce

prior years' earnings by an aggregate amount of $$39$ million.

e$.$ The future liability for site restoration was increased by $$8$ million.

f$.$ Common shares with a stated value of $$17$ million were repurchased on the open market for $$23$ million and cancelled. The issue

price of the shares amounted to $$21$ million, of which $$4$ million had been credited to contributed surplus.

g$.$ A new class of preferred shares was issued to a major public sector pension plan for $$78$ million to finance future development.

h$.$ Dividends totalling $$20$ million were issued during the year. Of that amount. $$2$ million were declared on $24$ December $20\backslash$times $6,$

payable to shareholders of record on January $15,20\backslash$times $7.$