The equity accounts of Good Karma Corp. as at January 1, 2020, were as follows:

Retained earnings, January 1, 2020 ............................ $257,600
Common shares ............................................................. 600,000
Preferred shares ............................................................ 250,000
Contributed surplus ...................................................... 300,000

Accumulated other comprehensive income .............. 525,000

During 2020, the following transactions took place:

Adjustment to correct error in prior years (gain net of tax $20,000) ....................... $ 48,000

Unrealized gains on FV-OCI equity investments (net of tax $34,000) ......................... 82,000

Dividends:
Common shares .................................................................... 120,000
Preferred shares ..................................................................... 62,000

Issue of equity:

Common shares ................................................................... 300,000

Preferred shares ....................................................................... 5,000

Net income ............................................................................ 325,000

Instructions

Prepare a statement of changes in equity for the year ended December 31, 2020. The company follows IFRS. Assume that equity investments are accounted for as FV-OCI investments, with gains/losses not recycled through net income.