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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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