Reference no: EM131660949

Problem - Presented below Is Information which relates to Crane Company, a Canadian public corporation traded on the Toronto Stock Exchange, for 2017.

Net Income                                                                                                      $414,000

Retained earnings, January 1. 2017                                                                    870,000

Cash dividends declared on common shares                                                        33,000

Correction of calculation error depreciation understatement in 2013 (pre-tax)         464,000

Gain from foreign currency transactions (net of tax)                                              244,000

Proceeds from issuance of Crane common shares                                                 58,000

Accumulated other comprehensive Income January 1, 2017                                   18,000

On January 1, 2017, Crane had 19,600 common shares outstanding with a capital balance of $490,000. During the year, Crane Company issued an additional 2,600 common shares.

Prepare in good form a statement of changes in equity for 2017. The tax rate is 30%.