Acrimony Ltd has the following balances in its general ledger on 31 December 20X8 (in thousands of Canadian dollars):
Debit Credit
Retained earnings, 31 December 20X7 $ 57,000
Sales revenue 35,000
Interest expense $ 950
Cost of sales 9,700
Accumulated other comprehensive income,
31 December 20X7 2,200
Dividends paid 3,700
Foreign currency gains and losses on 20X8 transactions 4,700
Income tax expense 1,970
Selling and administrative expense 5,100
Amortization on furniture and fixtures for 20X8 1,900
Writeoff of obsolete inventory 700
Impairment of tangible capital assets 1,140
Additional contributed capital 31,000
Loss on redemption of longterm debt 840
Unrealized foreign currency translation loss on self-sustaining
US subsidiary for 20X8, net of $209 income tax 751
Required:
Prepare, in good form, a statement of income and comprehensive income. Use a continuous format.
