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Presented below is information which relates to Cullumber Company, a Canadian public corporation traded on the Toronto Stock Exchange, for 2017. Net income $415,000 Retained
Presented below is information which relates to Cullumber Company, a Canadian public corporation traded on the Toronto Stock Exchange, for 2017.
Net income | $415,000 | ||
Retained earnings, January 1, 2017 | 824,000 | ||
Cash dividends declared on common shares | 37,000 | ||
Correction of calculation error depreciation understatement in 2013 (pre-tax) | 462,000 | ||
Gain from foreign currency transactions (net of tax) | 239,000 | ||
Proceeds from issuance of Cullumber common shares | 59,000 | ||
Accumulated other comprehensive income, January 1, 2017 | 18,000 |
On January 1, 2017, Cullumber had 22,400 common shares outstanding with a capital balance of $560,000. During the year, Cullumber Company issued an additional 3,000 common shares. Prepare in good form a statement of changes in equity for 2017. The tax rate is 30%. (Enter expenses and losses using either a negative sign preceding the number e.g. -25 or parentheses e.g. (25).)
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Cullumber Company Statement of Shareholders' Equity Common Shares Number Accumulated Other Common Shares Retained Earnings Comprehensive Income TotalStep by Step Solution
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