On Dec 31 2018 Fax Company Inc had the following Shareholder Equity Balances:
Preferred Shares $400,000
Common Shares $750,000
Retained Earnings 1,200,000
Contributed Surplus 150,000
Accumulated Other Comprehensive Income 75,000
During 2019 the following took place:
Fax Company Inc earned net income of $175,000 and declared and paid cash dividende in the amout of $45,000 on common shares
the company declared a cash divided in the amount of $30,000 on preferred shares.
During 2019 experienced an unrealized foreign exchange gain of $25,000 upon translation of its foreign subsidiary's results.
prepare a Statement of Changes in Equity for Fax Company for 2019 in good form.
