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Make a statement of changes in equity for the year ended dec

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Reference no: EM132832739

Ice Industries Inc. showed the following equity account balances at December 31, 2019:

Common shares, unlimited shares authorized, 70,000 shares issued and outstanding $816,000

Retained earnings 112,800

The company issued long-term debt during 2020 that requires a retained earnings restriction of $72,000. Share dividends declared but not distributed during 2020 totalled 7,000 shares capitalized for a total of $84,000.

Required

Problem a. Make a statement of changes in equity for the year ended December 31, 2020, assuming profit earned during the year was $124,800.

Reference no: EM132832739

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