Reference no: EM132737553
Presented below is information which relates to Wildhorse Company, a Canadian public corporation traded on the Toronto Stock Exchange, for 2020.
Net income $439,000
Retained earnings, January 1, 2020 795,000
Cash dividends declared on common shares 35,00
0Correction of calculation error depreciation understatement in 2016 (pre-tax) 454,000
Gain on FV-OCI investments (net of tax) 215,000
Proceeds from issuance of Wildhorse common shares 64,000
Accumulated other comprehensive income, January 1, 2020 14,000
- On January 1, 2020, Wildhorse had 21,000 common shares outstanding with a capital balance of $525,000. During the year, Wildhorse Company issued an additional 2,000 common shares.
Problem 1: Prepare in good form a statement of shareholders equity for the year ended December 31, 2020. Wildhorse's income tax rate is 20%. (Enter expenses and losses using either a negative sign preceding the number e.g. -25 or parentheses e.g. (25).)