Baseline Company follows IFRS and had the following balances on December 31, 2022 in thousands:

Preferred shares $3,012

Common shares $4,718

Contributed surplus $1,750

Retained earnings $16,791

Accumulated other comprehensive income $514

During the year ended December 31, 2023, the company earned net income of $3,613,000, sold common shares of $30,000, and paid out dividends of $14,000 to preferred shareholders and $5,000 to common shareholders.

Required

Prepare a statement of changes in equity for the year ended December 31, 2023. (8 marks)