Reference no: EM132485057

Bole Ltd. reported the following balances at January 1, 2019:

Common shares.........................................................$370,000

Preferred shares ........................................................ 74,000

Retained earnings ...................................................... 70,000

Accumulated other comprehensive income................. 71,000

Tote's corporate tax rate ............................................. 25%

During the year, Bole performed the following:

1. Booked a before - tax prior period adjustment of $25,000;
2. Issued $37,000 of common shares;
3. Retired 40% of preferred shares outstanding;
4. Earned net income of $310,000 and ;
5. Generated other comprehensive income of $64,000.

Instructions

Question 1: Prepare a statement of shareholder's equity in proper format for the year ended December 31, 2019.