Blue Spruces Dance Studios Ltd. is a public company, and accordingly uses IFRS for financial reporting. The corporate charter authorizes the issuance of an unlimited number of common shares and 50,000 preferred shares with a $3 dividend. At the beginning of the December 31, 2020 year, the opening account balances indicated that 20,000 common shares had been issued for $4 per share, and no preferred shares had been issued. Opening retained earnings were $325,000. The transactions during the year were as follows:

Jan. 15		Issued 9,000 common shares at $6 per share.
Feb. 12		Issued 2,000 preferred shares at $60 per share.
Sept. 2		Issued 4,000 common shares in exchange for land valued at $20,000.
Oct. 31		Declared and paid a dividend on preferred shares of $3 per share.
Nov. 1		Declared and paid a dividend on common shares of $1.50 per share.
Nov. 15		Purchased and retired 500 preferred shares at $62 per share.
Dec. 31		After preliminary closing entries, the Income Summary account had a credit balance of $238,000.

Prepare the statement of changes in shareholders equity. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Blue Spruces Dance Studios Ltd. Statement of Changes in Shareholders Equity December 31, 2020For the Month Ended December 31, 2020For the Year Ended December 31, 2020

Number of Common Shares

Common Shares

Number of Preferred Shares

Preferred Shares

Retained Earnings

Total Shareholders Equity

Balance, January 1, 2020

$

$

$

$

Shares issued for cash

Shares issued for land

Dividends, common shares

Dividends, preferred shares

Shares purchased and retired

Net income

Balance, December 31, 2020

$