On January 1^st, 2010, ABC Inc., a publicly traded company, had the following Shareholder Equity balances: $\begin{array} { | l | l | } \hline \text { Common Shares } & \$ 500,000 \\\hline \text { Retained Earnings } & \$ 800,000 \\\hline \text { Contributed Surplus } & \$ 100,000 \\\hline \text { Accumulated Other Comprehensive Income } & \$ 50,000 \\\hline\end{array}$ During 2010, the following took place:
ABC Inc earned net income of $120,000 and paid cash dividends in the amount of $20,000.
In addition, the company declared a stock dividend in the amount of $50,000.
Also during 2010, ABC experienced an unrealized foreign exchange gain of $50,000 upon translation of its foreign subsidiary's results.
Required:
Prepare a Statement of Changes in Equity for ABC Inc. for 2010.

Question

On January 1^st, 2010, ABC Inc., a publicly traded company, had the following Shareholder Equity balances:

\begin{array} { | l | l | } \hline \text { Common Shares } & \$ 500,000 \\\hline \text { Retained Earnings } & \$ 800,000 \\\hline \text { Contributed Surplus } & \$ 100,000 \\\hline \text { Accumulated Other Comprehensive Income } & \$ 50,000 \\\hline\end{array}

During 2010, the following took place:
ABC Inc earned net income of $120,000 and paid cash dividends in the amount of $20,000.
In addition, the company declared a stock dividend in the amount of $50,000.
Also during 2010, ABC experienced an unrealized foreign exchange gain of $50,000 upon translation of its foreign subsidiary's results.
Required:
Prepare a Statement of Changes in Equity for ABC Inc. for 2010.

Quizplus · Accepted Answer

The Answer of On January 1^st, 2010, ABC Inc., a publicly traded company, had the following Shareholder Equity balances: $$\begin{array} { | l | l | } \hline \text { Common Shares } & \$ 500,000 \ \hline \text { Retained Earnings } & \$ 800,000 \ \hline \text { Contributed Surplus } & \$ 100,000 \ \hline \text { Accumulated Other Comprehensive Income } & \$ 50,000 \ \hline \end{array}$$ During 2010, the following took place: ABC Inc earned net income of $120,000 and paid cash dividends in the amount of $20,000. In addition, the company declared a stock dividend in the amount of $50,000. Also during 2010, ABC experienced an unrealized foreign exchange gain of $50,000 upon translation of its foreign subsidiary's results. Required: Prepare a Statement of Changes in Equity for ABC Inc. for 2010.

On January 1st, 2010, ABC Inc During 2010, the Following Took Place: ABC Inc Earned Net

On January 1^st, 2010, ABC Inc During 2010, the Following Took Place:
ABC Inc Earned Net