The shareholders’ equity accounts of Kanada Inc. at September 30, 2023, are as follows: 

Preferred shares, $5 noncumulative, unlimited number authorized, 6,000 issued .......... $465,000 

Common shares, unlimited number authorized, 25,000 issued .............................................900,000 

Retained earnings ...........................................................................................................................540,000 

Accumulated other comprehensive income ................................................................................95,000

Kanada has a 30% income tax rate. During the following fiscal year ended September 30, 2024, Kanada had the following transactions and events: 

Mar. 14 Declared a 4% common stock dividend to shareholders of record at March 31, distributable on April 5. The fair value of the common shares was $35 per share on March 14, $37 on March 31, and $38 on April 5. 

Aug. 1 Reacquired 2,000 common shares for $80,000. 

25 Announced a 2-for-1 common stock split. The market price of the common shares at the date of announcement was $62 per share.  

Sept.25 Declared the annual dividend payable to the preferred shareholders of record on October 5, payable on October 31. 

Sept.30 Determined that other comprehensive income for the year was $27,000 and profit was $325,000, both before income tax. 

Instructions 

Prepare a statement of changes in shareholders’ equity for the year ended September 30, 2024. (Round per share amounts to the nearest cent.) 

How does comprehensive income impact the shareholders’ equity in the balance sheet? Is this the same for companies following ASPE?