Answer:
<u>Statement of Changes In Equity</u>
Common Stock Retained Earning Total
Beginning Balance $365,300 $91,010 $456,310
<u>During the Year 2020</u>
Profit for the Year $120,800 $120,800
Dividends ($14,160) ($14,160)
Balance at End $365,300 $197,650 $562,950
Explanation:
First, Calculate the Profit / Loss for the Year
Income Statement for the year ended 2020
Sales Revenue $769,400
Less Cost of goods sold ($502,400)
Gross Profit $267,000
Operating expenses ($88,400)
Net Profit/(Loss) $178,600
Other Comprehensive Income
Less unrealized holding loss ($57,800)
Total Profit and Loss and other comprehensive income $120,800
<u>See the statement prepared above in terms of IAS 1 of the International Financial Reporting Standards (IFRS)</u>
