Reference no: EM132776625
Swifty Corp. reported the following amounts in the shareholders' equity section of its December 31, 2019 SFP:
Preferred shares, $7 dividend (12,000 shares authorized, 2,400 shares issued) $242,400
Common shares (unlimited authorized, 29,000 issued) 696,000
Contributed surplus 47,100
Retained earnings 300,000
Accumulated other comprehensive income 66,000
Total $1,351,500
During 2020, the company had the following transactions that affect shareholders' equity.
1. Paid the annual 2019 $7 per share dividend on preferred shares and a $3 per share dividend on common shares. These dividends had been declared on December 31, 2019.
2. Purchased 3,500 shares of its own outstanding common shares for $30 per share and cancelled them.
3. Issued 1,000 shares of preferred shares at $102 per share (at the beginning of the year).
4. Declared a 15% stock dividend on the outstanding common shares at their fair value when the shares were selling for $44 per share.
5. Issued the stock dividend.
6. Declared the annual 2020 $7 per share dividend on preferred shares and a $2 per share dividend on common shares. These dividends are payable in 2021.
The contributed surplus arose from net excess of proceeds over cost on a previous cancellation of common shares. Total assets at December 31, 2019, were $2,140,000, and total assets at December 31, 2020 were $2,616,000. The company follows IFRS.
Problem 1: Show the statement of changes in shareholders' equity for the year ended December 31, 2020. Assume 2020 net income was $420,000 and comprehensive income was $432,000.
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