The following information has been extracted from ABC company annual report for the year 2020.You are required to prepare owners equity statement of ABC Company.

Authorized share capital of $200,000 of $10 each of which 70% shares are issued and paid up at $20.

Beginning balance of retained earnings was $150,000. Current year profit and loss and other comprehensive income show a profit of $22500, but there was an amount of $2000 for depreciation.

The company has some noncurrent assets whose market value is $25000. However these assets were purchased for $52,000 and accumulated depreciation to date was $15000.

Due to change in accounting policy the company need to adjust $2000 as loss resulted from previous operation. The company also recovered $2000 which was previously written off.

The company declared 10% Stock dividend and the market price was $20 per share and cash dividend 5%.

Treasury stock was $10,000.