For the year ended December 31, 2015, Bunsheim Ltd

For the year ended December 31, 2015, Bunsheim Ltd. reported the following: sales revenue $680,000; cost of sales $425,750; operating expenses $75,000; and unrealized gain on Available-for-sale investments $25,000 (net of related tax of $5,000). The company had balances as at January 1, 2015, as follows: common shares $480,000; accumulated other comprehensive income $177,000; and retained earnings $50,000. The company did not issue any common shares during 2015. On December 15, 2015, the board of directors declared a $45,000 dividend to its common shareholders payable on January 31, 2016. The company accounts for its investments in accordance with IAS 39 meaning that any unrealized gains/losses on Available-for-sale investments are to be reported as other comprehensive income (OCI). On January 4, 2016, the company discovered that there was an overstatement in travel expenses from 2014 of $80,000. The books for 2014 are closed

a. Prepare a statement of changes in equity including required disclosures. The en-acted tax rate is 27% and has not changed for several years

b. Prepare the same statement as in part (a) assuming that Bunsheim Ltd. follows ASPE.