Question
Kaye Biotech Inc. had the following equity account balances at December 31, 2019: Preferred shares, $3.30, non-cumulative, Authorized: 23,400 shares Issued and outstanding: 6,700 shares
Kaye Biotech Inc. had the following equity account balances at December 31, 2019: Preferred shares, $3.30, non-cumulative, Authorized: 23,400 shares Issued and outstanding: 6,700 shares $ 46,900 Common shares, Authorized: Unlimited Issued and outstanding: 93,500 shares 316,465 Retained earnings 47,400 On February 1, 2020, 6,700 preferred shares were issued at $9.40 each. The board of directors declared and paid the annual cash dividend on the preferred shares on June 30, 2020, and a 14% common share dividend was declared and distributed on the same day when the market price per common share was $5.05. On October 1, 2020, 23,400 common shares were issued at $5.19 each. Profit earned during 2020 was $425,800. Required: Using the information provided, prepare the statement of changes in equity for the year ended December 31, 2020. (Amounts to be deducted should be indicated by a minus sign.)
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