Acrimony Ltd has the following balances in its general ledger on 31 December 20X8 ( in...
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 | $40,000 | |
| Sales revenue | 18,000 | |
| Interest expense | 780 | |
| Cost of sales | 8,000 | |
| Accumulated other comprehensive income,31 December 20X7 | 1,350 | |
| Dividends paid | 2,000 | |
| Foreign currency gains and losses on 20X8 transactions | 3,000 | |
| Income tax expense | 1,120 | |
| Selling and administrative expense | 3,400 | |
| Amortization on furniture and fixture for 20X8 | 1,050 | |
| Write-off obsolete inventory | 530 | |
| Impairment of tangible capital assets | 970 | |
| Additional contributed capital | 18,000 | |
| Loss on redemption of long term debt | 670 | |
| Unrealized foreign currency translation loss on the self-sustaining US. subsidiary for 20X8. net of $124 income tax | 496 | |
Prepare in good form,a statement of income and comprehensive income.Use a continuous format
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