Question
West Co Ltd reported the following statement of shareholders equity for the year ended 31 December 2021: Common Share Capital Preferred Share Capital Other Contributed
West Co Ltd reported the following statement of shareholders equity for the year ended 31 December 2021:
| Common Share Capital | Preferred Share Capital | Other Contributed Capital (All Sources) | Retained Earnings | Reserve re: Unrealized Gains, Investments | ||||||||||
Balance, January 1, 20X7 | $ | 5,992 |
| $ | 3,500 |
|
| 1,202 |
|
| 775 |
| $ | 48 |
|
Issuance of common shares for cash |
| 7,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Retirement of common shares |
| (1,005) |
|
|
|
|
| (356) |
|
|
|
|
|
|
|
Costs associated with equity issue |
|
|
|
|
|
|
|
|
|
| (124) |
|
|
|
|
Stock dividend |
| 247 |
|
|
|
|
|
|
|
| (247) |
|
|
|
|
Comprehensive income |
|
|
|
|
|
|
|
|
|
| 1,980 |
|
| 13 |
|
Retirement of preferred shares |
|
|
|
| (630) |
|
| (116) |
|
| (35) |
|
|
|
|
Balance, 31 December 20X7 | $ | 12,884 |
| $ | 2,870 |
| $ | 730 |
| $ | 2,439 |
| $ | 61 |
|
Required:
- Earnings were $1,980. How much is comprehensive income?
- What amount was paid to retire common shares during the year?
3-a. What amount was paid to retire preferred shares during the period?
3-b. What amount should be deduction from contributed capital?
3-c. What amount should be deduction from retained earnings?
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