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Prepare the statement of changes of shareholders

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Reference no: EM132651757

Below is the statement of shareholder's equity of Kenobi Ltd.:

December 31, 2019 Shareholders' equity

Preference share capital (2,000 shares)             $98,000

Ordinary share capital (5,500 shares)               120,000

Retained profits                                          450,000

Total shareholders' equity                              668,000

The following transactions happen during 2020:

(a) Apr 3: Issuance of ordinary shares - 1,200 shares @ $30 per share

(b) June 9: Repurchase 750 shares of preference share at $42 per share, out of share capital

(c) Dec 13: Issue 4 bonus ordinary shares for each 10 ordinary shares. The company has decided to capitalize 1/5 of its retained profits for this bonus share issuance.

(d) Net income is $92,400 for the year.

Required:

Question 1: Prepare the Statement of Changes of Shareholders' Equity and Statement of Shareholders' Equity for year 2020.

Reference no: EM132651757

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