Question: (Learning Objective 4: Preparing an income statement and a statement of changes in equity) This exercise should be used with Exercise 1-21A. Refer to the

(Learning Objective 4: Preparing an income statement and a statement of changes in equity) This exercise should be used with Exercise 1-21A. Refer to the data of Ellen Samuel Banking Company in Exercise 1-21A.

❙ Requirements 1 Prepare the income statement of Ellen Samuel Banking Company, for the year ended January 31, 20X6.

2 What amount of dividends did Ellen Samuel declare during the year ended January 31, 20X6? Hint: Prepare a statement of changes in equity.

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