Question
On January 1st, 2020, Zulf Inc., a publicly traded company, had the following Shareholder Equity balances: Common Shares $500,000 Retained Earnings $800,000 Contributed Surplus $100,000
On January 1st, 2020, Zulf Inc., a publicly traded company, had the following Shareholder Equity balances:
Common Shares | $500,000 |
Retained Earnings | $800,000 |
Contributed Surplus | $100,000 |
Accumulated Other Comprehensive Income | $50,000 |
During 2020, the following took place: Zulf Inc earned net income of $120,000 and paid cash dividends in the amount of $20,000. In addition, the company declared a stock dividend in the amount of $50,000. Also during 2010, Zulf experienced an unrealized foreign exchange gain of $50,000 upon translation of its foreign subsidiary's results. Required: Prepare a Statement of Changes in Equity for Zulf Inc. for 2020.
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