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Sheffield Corporation, a public company, reported the following balances at January 1, 2020: Common Shares (31,200 shares issued, unlimited authorized) $ 780,000 Retained Earnings 1,522,000

Sheffield Corporation, a public company, reported the following balances at January 1, 2020:

Common Shares (31,200 shares issued, unlimited authorized) $ 780,000
Retained Earnings 1,522,000
Contributed Surplus 144,000
Accumulated Other Comprehensive Income 38,300

During the year ended December 31, 2020, the following summary transactions occurred:

Net income earned during the year $ 383,000
Unrealized gain on fair value through other comprehensive income (FV-OCI) investments 20,000
Reduction of contributed surplus during the year due to repurchase of common shares 17,000
Reduction of common shares account balance during the year due to repurchase of 1,400 common shares 35,000
Dividends declared during the year on common shares 73,000
Issued 2,200 common shares during the year

110,000

Prepare a statement of changes in shareholders equity for the year as required under IFRS.

Prepare the shareholders equity section of the SFP at December 31.

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