My Fair Lady Inc. sells ladies' fashions. The following balances were as at March 1, 2015:
Accumulated other comprehensive income . . . . . . . . . . . . . . . $253,967
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,374,286
Common shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,230,000
Preferred shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 750,000
The following selected transactions affected the equity during the year:
Net loss reported . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $732,002
Gain due to the revaluation of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,540
Preferred shares issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .200,000
Common shares issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .730,000
Dividends paid
Preferred . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,000
Common . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,000
Prepare a statement of changes in equity for the fiscal year ended February 29, 2016.