The directors of Tomas Sanchez Ltd were reviewing the company business activities at the end of the year (2018) and decided to prepare a Statement of Changes in Equity. At the beginning of the year company assets were $500,000, liabilities were $150,000, and share capital was $100,000. Profit for the year was $420,000. Dividends paid of $220,000 were paid during the year. Prepare a Statement of Changes in Equity for Tomas Sanchez Ltd.
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