Al December 31, 2019, Lake Air Mall Inc. reported shareholders' equity as follows:

During 2020, Lake Air Mall completed these transactions (listed in chronological order):

a. Declared and issued a \(5 \%\) stock dividend on the outstanding shares. At the time, Lake Air Mall shares were quoted at a market price of \(\$ 10\) per share.

b. Issued 20,000 common shares at the price of \(\$ 12\) per share.

c. Net income for the year, \(\$ 320,000\).

d. Declared cash dividends of \(\$ 100,000\).
{Requirement}
Prepare Lake Air Mall's statement of changes in shareholders' equity for 2020, using the format of Exhibit 8-4 as a model.

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A Dollarama Inc. Consolidated Statement of Changes in Shareholders' Equity (Deficit) For the Year Ended January 28, 2018 B C D E F Accumu- lated 2 Contri- Compre- Share (in millions) buted hensive Capital Surplus Loss Deficit Total 3 Balance as at January 29, 2017 $ 420.3 $24.3 $ (1.3) S (343.0) $ 100.3 4 Net earnings 519.4 519.4 5 Other comprehensive loss (31.1) (31.1) 6 Issuance of common shares 14.6 14.6 Repurchase and cancellation of 7 common shares (22.3) (790.4) (812.7) 8 9 Dividends Share-based compensation Reclassification for the exercise of 6.6 6.6 (49.5) (49.5) 10 share options 3.2 11. Balance as at January 28, 2018 $415.8 (3.2) $27.7 $ (32.4) $ (663.5) $(252.4) 12 i EXHIBIT 8-4 Dollarama Inc. - Statement of Changes in Shareholders' Equity (Adapted) Source: Data's from Dollarama Inc.