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Prepare in good form a statement of shareholders equity

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Reference no: EM132818256

Problem - Presented below is information which relates to Blossom Company, a Canadian public corporation traded on the Toronto Stock Exchange, for 2020.

Net income $400,000

Retained earnings, January 1, 2020 780,000

Cash dividends declared on common shares 32,000

Correction of calculation error depreciation understatement in 2016 (pre-tax) 450,000

Gain on FV-OCI investments (net of tax) 200,000

Proceeds from issuance of Blossom common shares 55,000

Accumulated other comprehensive income, January 1, 2020 14,000

On January 1, 2020, Blossom had 18,000 common shares outstanding with a capital balance of $450,000. During the year, Blossom Company issued an additional 2,000 common shares.

Prepare in good form a statement of shareholders equity for the year ended December 31, 2020. Blossom's income tax rate is 20%.

Reference no: EM132818256

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