Relating net income to balance sheet changes. Comparative balance sheet data for Bondier Corporation (Bondier), a Canadian airplane manufacturer, as of January 31, Year 8, and January 31, Year 7, appear in the following display, based on Bondier’s financial reports as of January 31, Year 8. Bondier applies Canadian accounting standards and reports in millions of U.S. dollars. In answering these questions, assume Bondier uses either U.S. GAAP or IFRS; for the purposes of this problem, this choice will not matter
Bondier declared and paid dividends of $30 million during the year ended January 31, Year 8. During the same year, the firm also reported a positive adjustment to Retained Earnings of $12 million. a. Compute net income for the year ended January 31, Year 8, by analyzing the change in retained earnings.b. Demonstrate that the following relation holds: Net Income = Increase in Assets − Increase in Liabilities − Increase in Contributed Capital + Dividends + or – Adjustments
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