Question: Complete the basic Statement of Changes in Equity for this company, below, by filling in the missing amount beside each arrow >. We are assuming
- Complete the basic Statement of Changes in Equity for this company, below, by filling in the missing amount beside each arrow >. We are assuming that this is the companys first year of business, therefore beginning balances in common shares and retained earnings is zero.
| Statement of Changes in Equity For year-ended December 31, 2019 | ||
|
| Common Shares | Retained Earnings |
| Opening balance, January 1 | $0 | $0 |
| Issue Common Shares | 80,000 |
|
| Paid Dividends |
| > |
| Net Income or Profit |
| > |
| Closing balance, December 31 | $ 80,000 | > |
Once the balance sheet is completed, fill in the missing amount and account name in the Equity Section, so that your balance sheet balances. Retained earnings were $39,500
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