Question
Presented below is information which relates to Ivanhoe Company, a Canadian public corporation traded on the Toronto Stock Exchange, for 2020. Net income $444,000 Retained
Presented below is information which relates to Ivanhoe Company, a Canadian public corporation traded on the Toronto Stock Exchange, for 2020.
Net income | $444,000 | ||
Retained earnings, January 1, 2020 | 815,000 | ||
Cash dividends declared on common shares | 33,000 | ||
Correction of calculation error depreciation understatement in 2016 (pre-tax) | 461,000 | ||
Gain on FV-OCI investments (net of tax) | 206,000 | ||
Proceeds from issuance of Ivanhoe common shares | 61,000 | ||
Accumulated other comprehensive income, January 1, 2020 | 14,500 |
On January 1, 2020, Ivanhoe had 21,000 common shares outstanding with a capital balance of $525,000. During the year, Ivanhoe Company issued an additional 2,000 common shares. Prepare in good form a statement of shareholders equity for the year ended December 31, 2020. Ivanhoes income tax rate is 20%. (Enter expenses and losses using either a negative sign preceding the number e.g. -25 or parentheses e.g. (25).)
Ivanhoe Company Statement of Shareholders' Equity December 31, 2020For the month ended December 31, 2020For the year ended December 31, 2020 | |||||||||||
Common Shares Number | Common Shares | Retained Earnings | Accumulated Other Comprehensive Income | Total | |||||||
Issuance of sharesBeginning balance as adjustedNet incomeOther comprehensive incomeDividends declaredCorrection of 2016 depreciation understatement, net of taxEnding balanceBeginning balance | $ | $ | $ | $ | |||||||
Other comprehensive incomeIssuance of sharesNet incomeDividends declaredCorrection of 2016 depreciation understatement, net of taxBeginning balance as adjustedEnding balanceBeginning balance | |||||||||||
Beginning balanceNet incomeBeginning balance as adjustedOther comprehensive incomeIssuance of sharesDividends declaredEnding balanceCorrection of 2016 depreciation understatement, net of tax | |||||||||||
Ending balanceIssuance of sharesBeginning balanceCorrection of 2016 depreciation understatement, net of taxNet incomeOther comprehensive incomeDividends declaredBeginning balance as adjusted | |||||||||||
Correction of 2016 depreciation understatement, net of taxDividends declaredNet incomeEnding balanceOther comprehensive incomeBeginning balanceIssuance of sharesBeginning balance as adjusted | |||||||||||
Beginning balanceNet incomeEnding balanceCorrection of 2016 depreciation understatement, net of taxDividends declaredIssuance of sharesOther comprehensive incomeBeginning balance as adjusted | |||||||||||
Beginning balanceBeginning balance as adjustedDividends declaredOther comprehensive incomeNet incomeIssuance of sharesCorrection of 2016 depreciation understatement, net of taxEnding balance | |||||||||||
Beginning balanceDividends declaredCorrection of 2016 depreciation understatement, net of taxBeginning balance as adjustedOther comprehensive incomeIssuance of sharesNet incomeEnding balance | $ |
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