Question
Presented below is information which relates to Wildhorse Company, a Canadian public corporation traded on the Toronto Stock Exchange, for 2020. Net income$439,000Retained earnings, January
Presented below is information which relates to Wildhorse Company, a Canadian public corporation traded on the Toronto Stock Exchange, for 2020.
Net income$439,000Retained earnings, January 1, 2020795,000Cash dividends declared on common shares35,000Correction of calculation error depreciation understatement in 2016 (pre-tax)454,000Gain on FV-OCI investments (net of tax)
215,000Proceeds from issuance of Wildhorse common shares64,000Accumulated other comprehensive income, January 1, 2020
14,000
On January 1, 2020, Wildhorse had 21,000 common shares outstanding with a capital balance of $525,000. During the year, Wildhorse Company issued an additional 2,000 common shares.
Prepare in good form a statement of shareholders equity for the year ended December 31, 2020. Wildhorse's 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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