The shareholders equity accounts of Tmao Inc. at December 31, 2023, are as follows: Preferred shares, $3 noncumulative, unlimited number authorized, 4,000 issued $400,000 Common shares, unlimited number authorized, 160,000 issued 800,000 Retained earnings 450,000 Accumulated other comprehensive loss (50,000) Tmao has a 35% income tax rate. During the following fiscal year ended December 31, 2024, the company had the following transactions and events: Feb. 1 Repurchased 10,000 common shares for $40,000. July 12 Announced a 2-for-1 preferred stock split. The market price of the preferred shares at the date of announcement was $150. Dec. 1 Declared the annual cash dividend ($1.50 post-split) to the preferred shareholders of record on January 10, 2025, payable on January 31, 2025. 18 Declared a 10% stock dividend to common shareholders of record at December 20, distributable on January 12, 2025. The fair value of the common shares was $12 per share. 31 Determined that for 2024, profit before income tax was $350,000 and other comprehensive income, net of income tax expense of $35,000, was $65,000. Instructions Prepare a statement of changes in shareholders equity for the year ended December 31, 2024.