On December 31, 2018, Fax Company Inc., had the following Shareholder Equity balances:

Preferred Shares $400,000

Common Shares $750,000

Retained Earnings 1,200,000

Contributed Surplus 150,000

Accumulated Other Comprehensive Income 75,000

During 2019, the following took place:

Fax Company Inc earned net income of $175,000 and paid cash dividends in the amount of $45,000 on its common shares.

In addition, the company declared a cash dividend in the amount of $30,000 on its preferred shares.

Also during 2019, XYZ experienced an unrealized foreign exchange gain of $25,000 upon translation of its foreign subsidiary's results.

Required

In good form, prepare a Statement of Changes in Equity for Fax Company Inc. for 2019.