The equity accounts of Good Karma Corp. as at January 1, 2020, were as follows: Retained earnings, January 1, 2020 $ 257,600 Common shares 600,000 Preferred shares 250,000 Contributed surplus 300,000 Accumulated other comprehensive income 525,000 During 2020, 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 Prepare a statement of changes in equity for the year ended December 31, 2020. The company follows IFRS. Assume that equity investments are accounted for as FV-OCI investments, with gains/losses not recycled through net income.