On March 1, 2020, VisionTech Inc.'s board of directors declared a 15% share dividend when the...

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On March 1, 2020, VisionTech Inc.'s board of directors declared a 15% share dividend when the market price per share was $8.00. On November 15, 2020, the board of directors declared a 4:1 share split. The equity section of the company's December 31, 2019, balance sheet showed: Common shares; 20,000,000 shares authorized; 3,900,000 shares issued and outstanding $24,570,000 4,615,000 Retained earnings Required: 1. Prepare a statement of changes in equity for the year ended December 31, 2020, assuming profit earned during the year was $1,005,000. (Amounts to be deducted should be indicated by a minus sign.) 2. Prepare the equity section of the December 31, 2020, balance sheet. On March 1, 2020, VisionTech Inc.'s board of directors declared a 15% share dividend when the market price per share was $8.00. On November 15, 2020, the board of directors declared a 4:1 share split. The equity section of the company's December 31, 2019, balance sheet showed: Common shares; 20,000,000 shares authorized; 3,900,000 shares issued and outstanding $24,570,000 4,615,000 Retained earnings Required: 1. Prepare a statement of changes in equity for the year ended December 31, 2020, assuming profit earned during the year was $1,005,000. (Amounts to be deducted should be indicated by a minus sign.) 2. Prepare the equity section of the December 31, 2020, balance sheet.

Answer rating: 100% (QA)

Visiontech inc Statement of Change in Equity 31Dec20 Common Shares Retained Earning To... View the full answer