On January 1, 2018, Elkhardt Corporation, a publicly traded company, had these shareholders equity accounts:

Common shares (unlimited number of shares authorized, 235,000 shares issued)		$2,350,000
Retained earnings		1,152,000
Accumulated other comprehensive income		116,000

During the year, the following transactions occurred:

Jan.	15		Declared a $1 per share cash dividend to shareholders of record on January 31, payable February 15.
Apr.	16		Declared a 10% stock dividend to shareholders of record on April 30, distributable May 15. On April 16, April 30, and May 15, the share prices were $15, $13.50, and $14, respectively.
Oct.	1		Effected a 2-for-1 stock split. On October 1, the share price was $18.
Dec.	31		Determined that net income for the year was $721,000.

Record the above transactions, including any required entries to close dividends and net income. (Credit account titles are automatically indented when the amount is entered. Do not indent manually and If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Transaction entries: Debit Credit Date Jan. 15 - Account Titles and Explanation Common Shares 235000 Dividends Payable 235000 Jan. 31 No Entry No Entry Feb. 15 | Dividends Payable 235000 Cash 235000 Apr. 16 Stock Dividends Distributable 352500 235000 Apr. 30 No Entry No Entry May 15 - Stock Dividends Distributable 235000 Common Shares 235000 May 15 Stock Dividends Distributable 235000 Common Shares 235000 Oct. 1 No Entry No Entry Closing entries: Debit Credit Date Account Titles and Explanation Dec. 31 Income Summary 721000 721000 Retained Earnings (To record net income/(loss)) Dec. 31 Retained Earnings 587500 Stock Dividends Distributable 352500 (To close dividend) Open Taccounts as required and post to the shareholders' equity accounts. (Post entries in the order presented in the question.) Common Shares Jan. 1 Bal. 2350000 | May 15 235000 Dec. 31 Bal. 2585000 Retained Earnings Dec 587500 || Jan. 1 Bal. 1152000 Dec. 31 CE 4 721000 Dec. 31 Bal. 1285500 Dividends Declared Jan, 1 235000 Feb. 15 235000 Dec. 31 Bal. Dec. 31 Bal. Stock Dividends Distributable Apr. 16 235000 Dec. 31 CE 352500 Apr. 16 - 117500 117500 || Dec. 31 Bal. $ Stock Dividends Distributable Apr. 16 235000 Dec. 31 CE 352500 Apr. 16 117500 Dec. 31 Bal. Accumulated Other Comprehensive Income Jan. 1 Bal. 116000 Prepare a statement of changes in equity for the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) ELKHARDT CORPORATION Statement of Changes in Equity For the Year Ended December 31, 2018 - Accumulated Other Comprehensive Income Common Shares Retained Earnings Total Balance Jan. 1 2350000 1152000 116000 3618000 Cash dividends declared 235000 235000 Declared and issued stock dividends 235000 352500 i 117500 Net income 721000 721000 Balance Dec. 31 2585000 1285500 116000 3986500 Prepare the shareholders' equity section of the statement of financial position at December 31. ELKHARDT CORPORATION Statement of Financial Position (Partial) December 31, 2018 Shareholders' equity Common shares 2585000 Retained earnings 1285500 Accumulated other comprehensive income 116000 Total shareholders' equity 3986500