Prepare a statement of changes in equity

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Reference no: EM132668082

Question - The equity accounts of Riverbed Corp. as at January 1, 2020, were as follows:

Retained earnings, January 1, 2020 $237,000

Common shares 600,000

Preferred shares 250,000

Contributed surplus 306,000

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 306,000

Preferred shares 5,000

Net income 346,000

Required - Prepare 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.

Reference no: EM132668082

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