Reference no: EM132674413
Presented below is information which relates to Blossom Company, a Canadian public corporation traded on the Toronto Stock Exchange, for 2020.
Net income $426,000
Retained earnings, January 1, 2020 810,000
Cash dividends declared on common shares 32,000
Correction of calculation error depreciation understatement in 2016 (pre-tax) 455,000
Gain on FV-OCI investments (net of tax) 206,000
Proceeds from issuance of Blossom common shares 64,000
Accumulated other comprehensive income, January 1, 2020 15,000
On January 1, 2020, Blossom had 19,000 common shares outstanding with a capital balance of $475,000. During the year, Blossom 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. Blossom'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).)
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: Prepare in good form a statement of shareholders equity for the year ended December 31, 2020. Blossom's income tax rate is 20%.
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