P14.9A (LO5) AP The shareholders' equity accounts of Tmao Inc. at December 31,2023 , are as follows: Preferred shares, $3 noncumulative, unlimited number authorized, 4 ,ooo issued $400,000 Common shares, unlimited number authorized, 160,000 issued 800,000 Retained earnings 450,000 Accumulated other comprehensive loss (50,000) Tmao has a 35% income tax rate. During the following fiscal year ended December 31,2024 , the company had the following transactions and events: Feb. 1 Repurchased 10,000 common shares for $40,000. July 12 Announced a 2-for-1 preferred stock split. The market price of the preferred shares at the date of announcement was $150. Dec. 1 Declared the annual cash dividend (\$1.50 post-split) to the preferred shareholders of record on January 10,2025 , payable on January 31,2025 . 18 Declared a 10% stock dividend to common shareholders of record at December 20, distributable on January 12, 2025. The fair value of the common shares was $12 per share. 31 Determined that for 2024, profit before income tax was $350,000 and other comprehensive income, net of income tax expense of $35,000, was $65,000. Instructions Prepare a statement of changes in shareholders' equity for the year ended December 31, 2024. Taking It Further How does comprehensive income impact the shareholders' equity in the balance sheet? Is this the same for companies following ASPE