You are provided with the following income accounts of Oakridge Ltd. for the year ended December 31, 2017. Oakridge reported profit from operations of $125,000 for the year ended December 31, 2017. Oakridge's income tax rate is 30%.
Interest revenue............................................................$5,000
Gain on sale of FVTPL investments.....................................1,500
OCI-gain on fair value adjustment.....................................3,000
Loss on fair value adjustment-FVTPL.................................7,500
Interest expense.............................................................8,000
Instructions
(a) Does Oakridge use ASPE or IFRS? Explain.
(b) Prepare an all-inclusive statement of comprehensive income starting with profit from operations.