K Questions 2-3 (of 13) applies to the questions displayed below. The following information Context Corporation reports the following components of shareholders' equity on December 31, 2015. Share Capital-Ordinary, $15 par value, 100,000 shares authorized, 55,000 shares issued and outstanding Share Premium-Ordinary Retained earnings s 825,000 60,000 460,000 Total shareholders' equity $1,345,000 In year 2016, the following transactions affected its shareholders' equity accounts Jan. 1 Purchased 5,500 of its own shares at $20 cash per share Jan. 5 Directors declared a $6 per share cash dividend payable on February 28 to the February 5 Feb. 28 July 6 Aug. 22 Sept. 5 shareholders of record. Paid the dividend declared on January 5. Sold 2,063 of its treasury shares at $24 cash per share. Sold 3,437 of its treasury shares at $17 cash per share. Directors declared a $6 per share cash dividend payable on October 28 to the September 25 shareholders of record. Oct. 28 Paid the dividend declared on September 5 Dec. 31 Closed the $408,000 credit balance (from net profit) in the Income Summary account to Retained Earnings. References Ask your instructor a question Check my work 3. value: 10.00 points Prepare a statement of changes in equity for the year ended December 31, 2016. (Amounts to be deducted should be indicated by a minus sign. Omit the "$" sign in your response.) 2. CONTEXT CORPORATION Statement of Changes in Equity For Year Ended December 31, 2016 Total Share Capital Share Premium Retained Earnings Balance as at December 31, 2015 825000 60000 460000 1345000 Add: Net profit Less: Dividends Less: Treasury shares 825000 60000 References Learning Objective: 13-C2 Explain characteristics of, and distribute dividends between, ordinary and Learning Objective: 13-P3 Recor retirement of shares. Worksheet