Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Monty Corporation, a public company, reported the following balances at January 1, 2020: Common Shares (34,900 shares issued, unlimited authorized) $ 698,000 Retained Earnings 1,596,000

Monty Corporation, a public company, reported the following balances at January 1, 2020:

Common Shares (34,900 shares issued, unlimited authorized) $ 698,000
Retained Earnings 1,596,000
Contributed Surplus 142,000
Accumulated Other Comprehensive Income 35,400

During the year ended December 31, 2020, the following summary transactions occurred:

Net income earned during the year $ 354,000
Unrealized gain on fair value through other comprehensive income (FV-OCI) investments 21,000
Reduction of contributed surplus during the year due to repurchase of common shares 19,000
Reduction of common shares account balance during the year due to repurchase of 1,400 common shares 28,000
Dividends declared during the year on common shares 75,000
Issued 1,900 common shares during the year 95,000

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

image text in transcribedimage text in transcribed

image text in transcribed

Share Capital R Number of Shares Legal Capital Other Contributed Capital E Bal. Jan. 1, 2020 $ $ Issued common shares Repurchase of shares Declared dividends Comprehensive income: Net income Unrealized gain-OCI Bal. Dec 31, 2020 $ HA $ $ Retained Earnings Accumulated Other Comprehensive Income Total $ $ $ GA $ $ $ 09 Prepare the shareholders' equity section of the SFP at December 31. MONTY CORPORATION Statement of Financial Position (Partial) $ $ $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting Creating Value In A Dynamic Business Environment

Authors: Ronald Hilton, David Platt

13th Edition

1264100698, 9781264100699

More Books

Students also viewed these Accounting questions