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Question

The shareholders equity accounts of Tsui, Inc. at December 31, 2013 are as follows:

Preferred shares, $3 noncumulative, unlimited number authorized, 4000 issued $400,000

Common shares, unlimited number authorized, 160,000 issued 800,000

Retained earnings 450,000

Accumulated other comprehensive loss (50,000)

Tsui has a 35% income tax rate. During the following fiscal year, ended December 31, 2014, the company had the following transactions and events:

Feb. 1 Discovered a $70,000 overstatement of ending inventory from 2013 (Prior Period Error)

July 12 Announced a 2-for-1 preferred stock split. The market price of the preferred shares at the date of announcement was $150.

Oct. 1 Reacquired 20,000 of the common shares at $4 per share.

Dec. 1 Declared a 10% stock dividend to common shareholders of record at Dec. 20, distributable on Jan. 12. The fair value of the common shares was $12.

Dec 18 Declared the annual cash dividend ($1.50 PS now post-split) to the preferred shareholders of record on Jan. 10, 2015, payable on Jan. 31, 2015

Dec 31 Determined that for 2014, profit before income tax was $350,000 and other comprehensive income from a gain in equity investments of $100,000, net of income tax expense of $35,000, was $65,000.

Requirements

1. Record the entries given and any related closing entries.

2. Create a Statement of Comprehensive Income

3. Create a Statement of Changes in Shareholders Equity

4. Create the Equity Section of the Balance Sheet (Statement of Financial Position)