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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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