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ACME Incorporated had the following balances for its equity accounts on the company's audited statement of financial position at December 31, 2019: Shareholder's Equity Paid
ACME Incorporated had the following balances for its equity accounts on the company's audited statement of financial position at December 31, 2019: Shareholder's Equity Paid in on capital shares Preferred [8%, cumulative, 30,000 authorized, issued & outstanding $ 900,000 Common (unlimited authorized, 550,000 issued & outstanding] 1,465,000 Contributed surplus 366,250 $ 2,731 250 Retained earnings 732,500 Accumulated other comprehensive income 366,250 Total shareholder's equity $ 3,830,000 Information for 2020 Net income was $ 595,000 Gain on disposal of bonds 135 000 Dividends declared and paid on preferred shares 72,000 Dividends declared and paid on common shares 50,000 Foreign translation gain on subsidiary 148.750 Comprehensive income 446,250 Required: Prepare ACME's statement of changes in equity at December 31, 2020 in good form. (10 marks)
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