Question

Grouper Corporation, a public company, reported the following balances at January 1, 2020: Common Shares (32,300 shares issued, unlimited authorized) $ 807,500 Retained Earnings 1,459,000 Contributed Surplus 142,000 Accumulated Other Comprehensive Income 30,300 During the year ended December 31, 2020, the following summary transactions occurred: Net income earned during the year $ 303,000 Unrealized gain on fair value through other comprehensive income (FV-OCI) investments 30,000 Reduction of contributed surplus during the year due to repurchase of common shares 19,000 Reduction of common shares account balance during the year due to repurchase of 1,500 common shares 37,500 Dividends declared during the year on common shares 80,000 Issued 2,300 common shares during the year 115,000

QUESTIONS:

A)

Prepare a statement of changes in shareholders’ equity for the year as required under IFRS. GROUPER CORPORATION Statement of Changes in Shareholders' Equity choose the accounting period Share Capital Number of Shares Legal Capital Other Contributed Capital Retained Earnings Accumulated Other Comprehensive Income Total Bal. Jan. 1, 2020 enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount Issued common shares enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount Repurchase of shares enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount Declared dividends enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount Comprehensive income: Net income enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount Unrealized gain-OCI enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount Bal. Dec. 31, 2020 enter a total amount $enter a total amount $enter a total amount $enter a total amount $enter a total amount $enter a total amount

B)

Prepare the shareholders’ equity section of the SFP at December 31. GROUPER CORPORATION Statement of Financial Position (Partial) choose the accounting period select an opening subsection name enter a balance sheet item $enter a dollar amount enter a balance sheet item enter a dollar amount select a closing subsection name enter a total of the two previous amounts enter a balance sheet item enter a dollar amount enter a balance sheet item enter a dollar amount select a closing section name $enter a total amount for this section

Answer 1