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Prepare a statement of changes in equity for the year dec

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Reference no: EM132997864

Rainy Day Umbrella Corporation had the following balances at December 31, 2019 (all amounts in thousands): preferred shares, $3,375; common shares, $8,903; contributed surplus, $3,744; retained earnings, $23,040; and accumulated other comprehensive income, $2,568.

During the year ended December 31, 2020, the company earned net income of $7,320,000, generated an unrealized holding gain on FV-OCI investments of $585,000, sold common shares of $285,000, and paid out dividends of $30,000 and $20,000 to preferred and common shareholders, respectively.

Instructions

Problem 1: Prepare a statement of changes in equity for the year ended December 31, 2020, as well as the shareholders' equity section of the Rainy Day Umbrella Corporation statement of financial position as at December 31, 2020. Gains/losses on FV-OCI investments are not recycled through net income.

Reference no: EM132997864

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