Question
Select information for Pink Shaved Ice Co. is presented below. Dec 31, 2019 Balances (from Statement of Financial Position) Common Shares (700,000 Issued) $2,500,000 Contributed
Select information for Pink Shaved Ice Co. is presented below. Dec 31, 2019 Balances (from Statement of Financial Position) Common Shares (700,000 Issued) $2,500,000 Contributed Surplus Accumulated other comprehensive income $5,000 $250,000 Hide Course Menu Retained earnings $15,800,000 Total $18,555,000 Net income for the year $1,200,000, other comprehensive income for they year $75,000 Issued common shares: 100,000 issued for $22/shares Stock dividends declared and distributed: 15% when the market price was $26/share Cash dividend declared and paid of $2/share. Repurchased 15,000 shares for $15/share REQUIRED: 1) Prepare statement of changes in shareholders equity for Pink Shaved Ice Co. for the year ended December 31, 2020 2) Show what the Shareholders' Equity section of the Statement of Financial Position will look like on December 31, 2020
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