Prepare the statement of changes in equity (exercise 13-4) following the format or the table above

Preparing the Statement of Changes in Equity Below is a sample template in preparing a statement of changes in shareholders' equity: NAME OF CORPORATION Statement of Changes in Equity For the year ended Share Capital Share Retained Earnings Treasury TOTAL Preference |Ordinary Premium Free Appropriated Share Beginning balance P XXX P XXX P XXX P XXX P XXX (P XXX) P XXX Issuance of X % preference shares, P_ par XXX XXX XXX Subscribed Preference Share Capital, shares XXX XXX XXX Subscriptions Receivable- Preference (xxx) (xxx) Share Dividend Distributable- Preference, shares XXX XXX (xxx) Issuance of ordinary shares, P par XXX XXX XXX Subscribed Ordinary Share Capital shares XXX XXX XXX Subscriptions Receivable-Ordinary (XXX) (XXX) Share Dividend Distributable- Ordinary, shares XXX XXX (xxx) Sale of donated shares XXX XXX Net income (loss) XXX XXX Cash dividends declared: Preference shares XXX (XXX) Ordinary shares xxx) (Xxx) Reversal of appropriations (list) XXX (XXX) Current appropriation for unsold treasury share (Xxx) XXX Treasury Shares: Purchase of preference/ ordinary shares at P per share (xxx) (xxx) Sale of _ preference/ ordinary shares at P per share (xxx) (Xxx) XXX (xXx ) ENDING BALANCE P XXX P XXX P X x x P XXX XXX (P XXX) PXXX EXERCISE 13-4. Statement Preparation 3. Based on the following information, prepare Madison Corporation's Statement of Changes in Shareholders' Equity for the year ended December 31, 2019. Balances as of January 1, 2019: . 12% Cumulative and non-participating Preference Share, 400,000 shares authorized at P20 par value: P5,130,000 Share Premium-Preference: P2,400,100 Ordinary Share, 1,000,000 shares authorized at P10 par value: P4,250,000 Share Premium-Ordinary: P1,960,000 Treasury Shares (Ordinary) - P15 per share: P75,000 Accumulated Profits-Free: P15,200,000 Accumulated Profits-Appropriated for Treasury Shares: P75,000 Accumulated Profits-Appropriated for Contingencies: P525,000 Transactions from January 1 to November 30, 2019: a. Issuance of preference share, 120,000 shares P 2,650,000 b. Preference share subscribed, 10,000 shares 350,000 c. Subscriptions Receivable-Preference 150,000 d. Issuance of ordinary share, 200,000 shares 2,210,000 e. Ordinary share subscribed, 100,000 shares 1,050,000 f. Subscriptions Receivable-Ordinary 480,000 g. Purchase of own ordinary share, 25,000 shares at P12 per share 320,000 The following transactions for December 2019 were not yet included in the above data: DATE TRANSACTION Dec 1 Declared P8,000,000 cash dividend for both preference and ordinary shareholders on record as of December 20, 2019. The last dividend declaration was made back in 2017. 10 Reissued 15,000 ordinary treasury shares at P13 per share 18 Declared 10% share dividend for all shareholders on record as of December 30, 2019. Shares on this date are traded as follows: Preference share, P12; Ordinary share, P7. 20 Recorded the reversal for retained earnings appropriated for contingencies 27 Recorded the appropriation for treasury shares during the year 31 Recorded net income for the year, P5,200,000