Kaye Biotech Inc. had the following equity account balances at December 31, 2022: Preferred shares, $3.05, non-cumulative, Authorized: 22,400 shares Issued and outstanding: 6,200 shares$43,400 Common shares, Authorized: Unlimited Issued and outstanding: 91,000 shares 308,003 Retained earnings 45,400 On February 1, 2023, 6,200 preferred shares were issued at $8.90 each. The board of directors declared and paid the annual cash dividend on the preferred shares on June 30, 2023, and a 15% common share dividend was declared and distributed on the same day when the market price per common share was $4.80. On October 1, 2023, 22,400 common shares were issued at $4.94 each. Profit earned during 2023 was $420,800.Required:Using the information provided, prepare the statement of changes in equity for the year ended December 31, 2023. (Amounts to be deducted should be indicated by a minus sign.)

Answer rating: 100% (QA)

To prepare the statement of changes in equity for Kaye Biotech Inc for the year ended December 31 2023 we will follow these steps 1 Update the Preferred Shares balance due to the issue on February 1 2... View the full answer