Reference no: EM132610422
Question - Ice Industries Inc. showed the following equity account balances at December 31, 2019:
Common shares, unlimited shares authorized, 70,000 shares issued and outstanding $816,000
Retained earnings 112,800
The company issued long-term debt during 2020 that requires a retained earnings restriction of $72,000. Share dividends declared but not distributed during 2020 totaled 7,000 shares capitalized for a total of $84,000.
Required -
a. Prepare a statement of changes in equity for the year ended December 31, 2020, assuming profit earned during the year was $124,800. (Negative answers should be indicated by a minus sign.)
b. What is the maximum amount of dividends that the company can declare during 2021?
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