Question
Presented below is information which relates toBlossomCompany, a Canadian public corporation traded on the Toronto Stock Exchange, for 2020. Net income$426,000Retained earnings, January 1, 2020810,000Cash
Presented below is information which relates toBlossomCompany, a Canadian public corporation traded on the Toronto Stock Exchange, for 2020.
Net income$426,000Retained earnings, January 1, 2020810,000Cash dividends declared on common shares32,000Correction of calculation error depreciation understatement in 2016 (pre-tax)455,000Gain on FV-OCI investments (net of tax)
206,000Proceeds from issuance ofBlossomcommon shares64,000Accumulated other comprehensive income, January 1, 2020
15,000
On January 1, 2020,Blossomhad19,000common shares outstanding with a capital balance of $475,000. During the year,BlossomCompany issued an additional2,000common shares.
Prepare in good form a statement of shareholders equity for the year ended December 31, 2020.Blossom's income tax rate is20%.(Enter expenses and losses using either a negative sign preceding the number e.g. -25 or parentheses e.g. (25).)
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