Make in good form a statement of shareholder equity for year

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Reference no: EM132674750

Presented below is information which relates to Sandhill Company, a Canadian public corporation traded on the Toronto Stock Exchange, for 2020.

Net income $449,000
Retained earnings, January 1, 2020 785,000
Cash dividends declared on common shares 35,000
Correction of calculation error depreciation understatement in 2016 (pre-tax) 471,000
Gain on FV-OCI investments (net of tax)
207,000
Proceeds from issuance of Sandhill common shares 56,000
Accumulated other comprehensive income, January 1, 2020
                                                                        17,000

  • On January 1, 2020, Sandhill had 22,000 common shares outstanding with a capital balance of $550,000. During the year, Sandhill 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. Sandhill'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).)

Reference no: EM132674750

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