Question
Presented below is information which relates to Ivanhoe Company, a Canadian public corporation traded on the Toronto Stock Exchange, for 2020. Net income $419,000 Retained
Presented below is information which relates to Ivanhoe Company, a Canadian public corporation traded on the Toronto Stock Exchange, for 2020.
Net income | $419,000 | ||
Retained earnings, January 1, 2020 | 800,000 | ||
Cash dividends declared on common shares | 35,000 | ||
Correction of calculation error depreciation understatement in 2016 (pre-tax) | 474,000 | ||
Gain on FV-OCI investments (net of tax) | 218,000 | ||
Proceeds from issuance of Ivanhoe common shares | 62,000 | ||
Accumulated other comprehensive income, January 1, 2020 | 16,500 |
On January 1, 2020, Ivanhoe had 18,000 common shares outstanding with a capital balance of $450,000. 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).)
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