Return to the Oak Research Inc. (ORI) data in Starter 14-15. ORI ended 2016 with $20,000 in common shares and $15,000 in $0.50 preferred shares. No shares were sold or repurchased during 2017. Create ORI's statement of shareholders' equity for the year ended December 31, 2017.
In Starter 14-15
Oak Research Inc. (ORI) ended 2016 with Retained Earnings of $37,500. During 2017 ORI earned net income of $40,000 and declared dividends of $15,000. Also during 2017 ORI got a $12,000 tax refund from the Canada Revenue Agency.