The following information is based on accounting data for Year 7 and Year 8 for China Oil Company (COC), a large petrochemicals company in China. COC applies IFRS, and reports its results in millions of U.S. dollars.

a. Prepare an income statement for COC for the year ending December 31, Year 8.
b. Prepare a comparative balance sheet for COC on December 31, Year 7, and December 31, Year 8. Show noncurrent assets before current assets and noncurrent liabilities before current liabilities, as is the customary presentation for IFRS, which COC uses.
c. Prepare an analysis of the change in Retained Earnings during the year ending December 31, Year8.

December 31 Balance Sheet Items Year Year 7 88,589 18,419 20,386 88,467 20,367 247,803 326,328 20,022 163,711 104,460 12,433 84,761 35,305 42,062 444,527 270,544 54,070 8,488 12,664 76,038 13,457 231,590 270,496 16,127 132,214 77,936 11,590 90,939 30,401 36,683 354,340 213,255 Property, Plant, and Equipment (net) .. Oil and Gas Properties Intangible Assets . . . . . . . . Long-Term Debt Income Statement Items ear Net Operating Revenues. $835,037 3,098 487,112 41,345 49,324 64,600 2,869 49,331 General and Administrative Expenses . .. .. .