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CARLA VISTA CORPORATION Trial Balance December 31, 2021
	Debit		Credit
Cash	$ 48,000
Accounts receivable	51,000
Allowance for doubtful accounts			$ 2,500
Merchandise inventory	22,700
Investment in associate	85,000
Investment at FVTOCIequity	30,000
Land	90,000
Building	200,000
Accumulated depreciationbuilding			40,000
Equipment	40,000
Accumulated depreciationequipment			15,000
Accounts payable			18,775
Income tax payable			4,500
Bonds payable (6%, due January 1, 2026)			126,025
Common shares, unlimited number of no par value shares authorized, 100,000 issued			100,000
Retained earnings			110,775
Accumulated other comprehensive income			5,000
Sales			750,000
Cost of goods sold	370,000
Operating expenses	180,000
Interest revenue			375
Interest expense	6,250
Income tax expense	50,000
Total	$1,172,950		$1,172,950

All transactions and adjustments for 2021 have been recorded and reported in the trial balance except for the items described below.

Jan. 7	Issued 1,100 preferred shares for $25,000. In total, 100,000, $2, noncumulative, convertible, preferred shares are authorized. Each preferred share is convertible into five common shares.
Mar. 16	Purchased 800 common shares of Osborne Inc., to be held for trading purposes, for $28 per share.
July 1	Purchased $100,000 Solar Inc. 10-year, 5% bonds at 108.2, when the market interest rate was 4%. Interest is received semi-annually on July 1 and January 1. Carla Vista purchased the bonds to earn interest.
Aug. 2	Sold the Osborne common shares for $29 per share.
5	Invested $20,000 in a money-market fund.
Sept. 25	550 of the preferred shares issued on January 7 were converted into common shares.
Oct. 24	Cashed in the money-market fund, receiving $20,000 plus $200 interest.
Nov. 30	Obtained a $50,000 bank loan by issuing a three-year, 6% note payable. Carla Vista is required to make equal blended payments of $1,521 at the end of each month. The first payment was made on December 31. Note that at December 31, $15,757 of the note payable is due within the next year.
Dec. 1	Declared the annual dividend on the preferred shares on December 1 to shareholders of record on December 23, payable on January 15.
31	Carla Vista owns 40% of RES. RES earned $21,300 and paid dividends of $1,600 in 2021. The fair value of the RES investment was $98,000.
31	Semi-annual interest is receivable on the Solar Inc. bonds on January 1, 2022. The bonds were trading at 106 on December 31, 2021.
31	The annual interest is due on the bonds payable on January 1, 2022. The par value of the bonds is $130,000 and the bonds were issued when the market interest rate was 7%.
31	The fair value of the long-term investment at FVTOCIequity was $28,900. Ignore income tax calculation.

Carla Vista Corporation's trial balance at December 31, 2021. is presented below. CARLA VISTA CORPORATION Trial Balance December 31, 2021 Cash Accounts receivable Allowance for doubtful accounts Merchandise inventory Investment in associate Investment at FVTOCI-equity Land Building Accumulated depreciation-building Equipment Accumulated depreciation equipment Accounts payable Income tax payable Bonds payable (6%, due January 1, 2026) Common shares, unlimited number of no par value shares authorized. 100,000 issued Retained earnings Accumulated other comprehensive income Sales Cost of goods sold Operating expenses Interest revenue Interest expense Income tax expense Total Debit Credit $ 48,000 51,000 $ 2.500 22,700 85,000 30.000 90.000 200,000 40,000 40,000 15,000 18.775 4.500 126,025 100,000 110.775 5.000 750.000 370,000 180,000 375 6,250 50,000 $1,172,950 $1,172,950 All transactions and adjustments for 2021 have been recorded and reported in the trial balance except for the items described below. Jan 7 Issued 1,100 preferred shares for $25,000. In total, 100,000 $2, noncumulative, convertible, preferred shares are authorized. Each preferred share is convertible into five common shares. Mar. 16 Purchased 800 common shares of Osborne Inc., to be held for trading purposes, for $28 per share. July 1 Purchased $100.000 Solar Inc. 10-year, 5% bonds at 108.2, when the market interest rate was 4%. Interest is received semi-annually on July 1 and January 1 Carla Vista purchased the bonds to earn interest Aug 2 Sold the Osborne common shares for $29 per share 5 Invested $20,000 in a money-market fund. Sept. 25 550 of the preferred shares issued on January 7 were converted into common shares. Oct 24 Cashed in the money-market fund, receiving $20.000 plus $200 interest. Nov. 30 Obtained a $50,000 bank loan by issuing a three-year, 6% note payable. Carla Vista is required to make equal blended payments of $1,521 at the end of each month. The first payment was made on December 31. Note that at December 31, $15,757 of the note payable is due within the next year. Dec. 1 Declared the annual dividend on the preferred shares on December 1 to shareholders of record on December 23. payable on January 15. 31 Carla Vista owns 40% of RES. RES earned $21,300 and paid dividends of $1,600 in 2021. The fair value of the RES investment was $98,000. 31 Semi-annual interest is receivable on the Solar Inc. bonds on January 1, 2022. The bonds were trading at 106 on December 31, 2021. 31 The annual interest is due on the bonds payable on January 1, 2022. The per value of the bonds is $130,000 and the bonds were issued when the market interest rate was 7%. 31 The fair value of the long-term investment at FVTOCI-equity was $28.900. Ignore income tax calculation Prepare the statement of comprehensive income for Carla Vista. For the purposes of this question, ignore the income tax on other comprehensive income and accumulated other comprehensive income. (Round answers to decimal places, eg. 5,275.) CARLA VISTA CORPORATION Statement of Comprehensive Income $ e Textbook and Media Question Part Score Prepare the statement of changes in shareholders' equity for Carla Vista. For the purposes of this question, ignore the income tax on other comprehensive income. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45). Rou CARLA VISTA CORPORATION Statement of Changes in Shareholders' Equity Preferred Shares Common Shares Accumulated Other Comprehensive Income Retained Earnings Total Balance, January 1, 2021 $ $ $ $ Issued shares for cash Preferred shares converted Cash dividends-preferred Comprehensive income Balance, December 31, 2021 $ $