1. Complete the basic Statement of Changes in Equity for this company, below, by filling in the missing amount beside each arrow >. We are assuming that this is the companys first year of business, therefore beginning balances in common shares and retained earnings is zero.

Statement of Changes in Equity For year-ended December 31, 2019
	Common Shares	Retained Earnings
Opening balance, January 1	$0	$0
Issue Common Shares	80,000
Paid Dividends		>
Net Income or Profit		>
Closing balance, December 31	$ 80,000	>

Once the balance sheet is completed, fill in the missing amount and account name in the Equity Section, so that your balance sheet balances. Retained earnings were $39,500