Reference no: EM132485533

Apex Ltd. reported the following balances at January 1, 2019:

Common shares.........................................................$370,000

Preferred shares ........................................................ 74,000

Retained earnings ...................................................... 70,000

Accumulated other comprehensive income................. 71,000

Apex's corporate tax rate ............................................. 24%

During the year, Tote performed the following:

Point 1. Booked a before - tax prior period adjustment of $25,000;

Point 2. Issued $37,000 of common shares;

Point 3. Retired 40% of preferred shares outstanding;

Point 4. Earned net income of $310,000 and ;

Point 5. Generated other comprehensive income of $64,000.

Instructions

Question 1: Prepare a statement of shareholder's equity in proper format for the year ended December 31, 2019.