Reference no: EM132722339
Sals 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
Sals' corporate tax rate............................................................ 26.5%
During the year, Sals performed the following:
1. Cumulative effect of change from straight-line to accelerated depreciation resulted in a reduction to retained earnings of $38,000, before tax;
2. Issued common shares for a proceed of $40,000;
3. Retired 35% of preferred shares outstanding;
4. Earned net income of $330,000 and;
5. Generated other comprehensive income of $66,000;
6. Declared total dividend of $130,000 Instructions
Problem 1: Make a statement of shareholders' equity in proper format for Sals Ltd. for the year ended December 31, 2019.
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