The equity accounts of Good Karma Corp. as at January 1, 2023, were as follows:

Retained earnings, January 1, 2023

$257,600

Common shares

600,000

Preferred shares

250,000

Contributed surplus

300,000

Accumulated other comprehensive income

525,000

During 2023, the following transactions took place:

Adjustment to correct error in prior years (gain net of tax $20,000)

$ 48,000

Unrealized gains on FV-OCI equity investments (net of tax $34,000)

82,000

Dividends:

Common shares

120,000

Preferred shares

62,000

Issue of equity:

Common shares

300,000

Preferred shares

5,000

Net income

325,000

Instructions

Prepare a statement of changes in equity for the year ended December 31, 2023. The company follows IFRS. Assume that equity investments are accounted for as FV-OCI investments, with gains/losses not recycled through net income.