Reference no: EM133057822

Question - Kaye Biotech Inc. had the following equity account balances at December 31, 2019:

Preferred shares, $2.50, non-cumulative,

Authorized: 20,200 shares

Issued and outstanding: 5,100 shares $ 35,700

Common shares,

Authorized: Unlimited

Issued and outstanding: 85,500 shares 289,387

Retained earnings 41,000

On February 1, 2020, 5,100 preferred shares were issued at $7.80 each. The board of directors declared and paid the annual cash dividend on the preferred shares on June 30, 2020, and a 10% common share dividend was declared and distributed on the same day when the market price per common share was $4.25. On October 1, 2020, 20,200 common shares were issued at $4.39 each. Profit earned during 2020 was $409,800.

Required - Using the information provided, prepare the statement of changes in equity for the year ended December 31, 2020.