You are provided with the following income accounts of Oakridge Ltd. for the year ended December 31, 2014. Oakridge reported profit from operations of $125,000 for the year ended December 31, 2014. Oakridge's income tax rate is 30%.
Interest revenue......................................................................$5,000
Gain on sale-trading investments.................................................1,500
Other comprehensive income-gain on fair value adjustment.................3,000
Loss on fair value adjustment-trading investments............................7,500
Interest expense.......................................................................8,000
Instructions
(a) Does Oakridge use ASPE or IFRS? Explain.
(b) Prepare a statement of comprehensive income starting with profit from operations.