On March 1 2014 Oculus VisionTech Inc s board of directors
On March 1, 2014, Oculus VisionTech Inc.’s board of directors declared a 5% share dividend when the market price per share was $10.00. On November 15, 2014, the board of directors declared a 4:1 share split. The equity section of the company’s December 31, 2013, balance sheet showed:
Common shares; 20,000,000 shares authorized;
2,500,000 shares issued and outstanding..................................................... $15,600,000
Retained earnings............................................................................................. 5,142,400

Required
1. Prepare a statement of changes in equity for the year ended December 31, 2014, assuming net income earned during the year was $4,784,000.
2. Prepare the equity section of the December 31, 2014, balance sheet.

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