Presented below is information which relates to Sunland Company, a Canadian public corporation traded on...
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Accounting
Presented below is information which relates to Sunland Company, a Canadian public corporation traded on the Toronto Stock Exchange, for 2017.
| Net income | $420,000 | ||
| Retained earnings, January 1, 2017 | 811,000 | ||
| Cash dividends declared on common shares | 36,000 | ||
| Correction of calculation error depreciation understatement in 2013 (pre-tax) | 460,000 | ||
| Gain from foreign currency transactions (net of tax) | 233,000 | ||
| Proceeds from issuance of Sunland common shares | 61,000 | ||
| Accumulated other comprehensive income, January 1, 2017 | 18,000 |
On January 1, 2017, Sunland had 22,100 common shares outstanding with a capital balance of $552,500. During the year, Sunland Company issued an additional 2,100 common shares. Prepare in good form a statement of changes in equity for 2017. The tax rate is 30%.
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