Reference no: EM132650693
Concord Umbrella Corporation had the following balances at December 31, 2019 (all amounts in thousands): preferred shares, $3,045; common shares, $7,595; contributed surplus, $3,405; retained earnings, $20,780; and accumulated other comprehensive income, $2,370. During the year ended December 31, 2020, the company earned net income of $6,453,000, generated an unrealized holding gain on FV-OCI investments of $557,000, sold common shares of $263,000, and paid out dividends of $30,000 and $20,000 to preferred and common shareholders, respectively. Gains/losses on FV-OCI investments are not recycled through net income.
Question 1: make a statement of changes in equity for the year ended December 31, 2020
Question 2: make the shareholders' equity section of the Concord Umbrella Corporation balance sheet as at December 31, 2020.
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