Sharp Inc. ended 2019 with $20,000 in common shares, $15,000 in $0.50 preferred shares and retained earnings of $49,500. During 2020, no shares were sold or repurchased, the business earned net income of $50,000 and it paid cash dividends in the amount of $15,000. Create Sharps statement of shareholders equity for the year ended December 31, 2020.

Creating a statement of shareholders equity

hint Total shareholders equity, December 31, 2020, $119,500