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Prepare shareholders equity section of culver umbrella corp

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Reference no: EM132684493

Culver Umbrella Corporation had the following balances at December 31, 2019 (all amounts in thousands): preferred shares, $2,880; common shares, $8,136; contributed surplus, $3,224; retained earnings, $20,658; and accumulated other comprehensive income, $2,477.

During the year ended December 31, 2020, the company earned net income of $6,659,000, generated an unrealized holding gain on FV-OCI investments of $536,000, sold common shares of $243,000, and paid out dividends of $30,000 and $20,000 to preferred and common shareholders, respectively. Gains/losses on FV-OCI investments are not recycled through net income.

Problem 1: Make a statement of changes in equity for the year ended December 31, 2020.

Problem 2: Prepare the shareholders' equity section of the Culver Umbrella Corporation balance sheet as at December 31, 2020.

Reference no: EM132684493

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