Reference no: EM132650672
The equity accounts of Culver Corp. as at January 1, 2020, were as follows:
Retained earnings, January 1, 2020 $214,700
Common shares 600,000
Preferred shares 250,000
Contributed surplus 290,000
Accumulated other comprehensive income 525,000
During 2020, the following transactions took place:
Adjustment to correct error in prior years (gain net of tax $20,000) $48,000
Unrealized gains on FV-OCI equity investments (net of tax $34,000) 82,000
Dividends: Common shares 120,000
Preferred shares 62,000
Issue of equity:
Common shares 290,000
Preferred shares 5,000
Net income 323,000
Question 1: Make a statement of changes in equity for the year ended December 31, 2020. The company follows IFRS. Assume that equity investments are accounted for as FV-OCI investments, with gains/losses not recycled through net income.
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