Question: Presented below is information which relates to Ivanhoe Company, a Canadian public corporation traded on the Toronto Stock Exchange, for 2020. Net income $419,000 Retained

Presented below is information which relates to Ivanhoe Company, a Canadian public corporation traded on the Toronto Stock Exchange, for 2020.

Net income $419,000
Retained earnings, January 1, 2020 800,000
Cash dividends declared on common shares 35,000
Correction of calculation error depreciation understatement in 2016 (pre-tax) 474,000
Gain on FV-OCI investments (net of tax) 218,000
Proceeds from issuance of Ivanhoe common shares 62,000
Accumulated other comprehensive income, January 1, 2020 16,500

On January 1, 2020, Ivanhoe had 18,000 common shares outstanding with a capital balance of $450,000. During the year, Ivanhoe Company issued an additional 2,000 common shares. Prepare in good form a statement of shareholders equity for the year ended December 31, 2020. Ivanhoes income tax rate is 20%. (Enter expenses and losses using either a negative sign preceding the number e.g. -25 or parentheses e.g. (25).)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!