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Prepare statement of changes in equity

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Question - Waxfastic Corporation had the following balances on December 31, 2018, its year-end (in thousands): preferred shares $3,012; common shares $4,718; contributed surplus $1,750; retained earnings $16,791; and accumulated other comprehensive income $514.

During the year ended December 31, 2019 the company earned net income of $3,613,000, issued common shares for $30,000, and declared and paid dividends of $14,000 and $5,000 to preferred and common shareholders respectively. Waxfastic follows IFRS.

Required - Prepare statement of changes in equity for 2019, as well as the shareholders' equity section of the balance sheet.

Reference no: EM132537511

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