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A corporation that follows IFRS, reported the following amounts in the shareholders' equity section: Preferred shares, $8 cumulative dividend (100 000 shared authorized, 50 000
A corporation that follows IFRS, reported the following amounts in the shareholders' equity section:
Preferred shares, $8 cumulative dividend (100 000 shared authorized, 50 000 shares issued) | 30 000 |
Common shares ( 1 000 000 authorized, 250 000 issued). | 100 000 |
Contributed surplus* | 145 000 |
Retained earnings | 1 900 000 |
Retained earnings total | 2 175 000* |
* THe contributed surplus arose from the excess of proceeds over cost on a previous cancellation. Assume that Net icome for 2020 was 0$. During 2020, the company had the 6 transactions that affecct shareholders equity
Show the December 31, 2020 shareholders' equity section (detailed calculations please).
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