Clean Energy Ltd. began 20X2 with shareholders' equity as follows: Preferred shares; $2 dividend, 120,000 shares issued and outstanding $3,000,000 Common shares; 600,000 issued and 500,000 shares outstanding 3,750,000 Contributed capital on retirement of preferred shares Retained earnings AOCI: foreign exchange on foreign subsidiary Treasury stock; 100,000 common shares 20,000 1,085,000 (160,000) $7,695,000 (1,100,000) $6,595,000 The company's tax rate is 40%. In 20X2, the company reported transactions that affected equity accounts: 1. Common shares, 2-for-1 stock split. 2. Common shares, 91,000 shares post-split, were repurchased and retired for $439,525. 3. All of the treasury shares were reissued for $1,087,700. 4. Clean reported earnings of $210,900, including an after-tax discontinued operation loss amount of $17,300. There was an after-tax foreign exchange gain of $65,500 related to the foreign subsidiary. Page 1023 5. Cash dividends of $163,250 were paid. This represented the required dividend on the preferred shares plus some common share dividend. 6. After the dividend was paid, 30,000 preferred shares were repurchased and retired for $11.75 per share. 7. Share retirement costs, legal fees relating to both preferred and common shares, amounted to $66,500 for the year. 8. The company recorded an error correction during the year, resulting in a $45,000 pretax increase to prior year's earnings. Required: Complete a columnar statement of changes in equity that reflects the transactions and events described. Use one column for each individual equity account, and show preferred dividends separately from common dividends. Balance at 1 January 20X2 (1) Balance at 31 December 20X2 Preferred shares Common shares Cont'd capital retirement of pref. Retained earings Reserve for foreign exchange gains of foreign subsidiary Treasury stock Total equity