Culver Limited reports the following for 2020:

 sales revenue, $912,000; 

cost of sales, $768,000; 

operating expenses, $101,200; and 

unrealized gain on FV-OCI investments, $59,600. 

The company had January 1, 2020 balances as follows: 

common shares, $500,000; 

accumulated other comprehensive income, $230,000; and 

retained earnings, $912,000. 

The company did not issue any shares during 2020. On December 15, 2020, the board of directors declared a $250,000 dividend payable on January 31, 2021.

Prepare a statement of changes in equity. Ignore income tax.

Answer rating: 100% (QA)

Solution Statement of Changes in Equity for Culver Limited Year Ended December 31 2020 Common Shares Balance at January 1 2020 500000 Dividends declar... View the full answer