Reference no: EM132992393

Question - Travel Corporation, a public company using IFRS with a 25% tax rate, reported the following balances at January 1, 2020:

Preferred Shares (1,000 shares issued) $30,000

Common Shares (10,000 shares issued) 150,000

Retained Earnings 98,000

Contributed Surplus - common 3,500

Accumulated Other Comprehensive Loss (10,000)

During the year ended December 31, 2020, the following transactions occurred:

1) On March 1, repurchased 2,000 common shares for $17 per share and retired them.

2) On December 1, a 10% common stock dividend was declared when the shares were trading at $19 per share to be distributed in early 2021.

3) Preferred share dividend of $1 per share was declared and paid on Dec 31.

4) 2020 Net loss ($35,000)

2020 Other comprehensive income 3,000

5) NOT INCLUDED in any of the numbers above, Travel found an error that caused expenses in 2019 to be overaccrued by $20,000.

List accounts & amounts in the Shareholders equity section of Travel Corporations statement of financial position at Dec 31, 2020.