Question
Penny Worth Limited reported the following changes to its shareholders' equity accounts for the year ended December 31, 2021. Accumulated other comprehensive income: Retained
Penny Worth Limited reported the following changes to its shareholders' equity accounts for the year ended December 31, 2021. Accumulated other comprehensive income: Retained earnings: Balance, Jan. 1 $93,000 Balance, Jan. 1 $1,432,000 Other comprehensive income (23,000) Net income 388,000 Balance, Dec. 31 $70.000 Dividends declared (68,000) Contributed surplus: Balance, Dec. 31 $1,752,000 Balance, Jan. 1 $488.000 Common shares: Common shares repurchased (36,000) Balance, Jan. 1 $781,000 Balance, Dec. 31 $452,000 Shares issued 193,000 Shares repurchased (180,000 ) Balance, Dec. 31 $794,000
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