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Assignment i Saved The Atlantic Refinery Corp. (ARC) is a public company headquartered in St. John's, Newfoundland. On 31 December 20% closing trial balance included the following accounts (in thousands of Canadian dollars): Debit $72,900 Credit Investment in Mongolian subsidiary Provision for future site restoration Common shares Translation differential from Mongolian subsidiary Convertible bonds Equity portion of convertible bonds Contributed surplus-premium on common shares issued Goodwill (from purchase of Mongolian subsidiary) Investment in shares of upstream affiliate Retained earnings Trademarks $ 34,100 176,500 12,400 87,800 7,000 35,700 18,600 37,200 543,700 6,900 The following transactions and events occurred during 20X6: a. Net income amounted to $54 million. b. The value of trademarks was written off after ARC lost a patent protection lawsuit. c. An additional $1.8 million of convertible bonds was transferred from the debt portion to the equity portion. d. An accounting policy was changed due to a new IFRS taking effect in 20X6; the effect of retrospective restatement prior years' earnings by an aggregate amount of $44 million. e. The future liability for site restoration was increased by $7 million. f. Common shares with a stated value of $10 million were repurchased on the open market for $18 million and cancelle issue price of the shares amounted to $14, of which $4 million had been credited to contributed surplus. g. A new class of preferred shares was issued to a major public sector pension plan for $88 million to finance future de h. Dividends totalling $26 million were issued during the year. Of that amount, $8 million were declared on 24 Decembe

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