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On December 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 paid cash dividends in the amount of $45,000 on its common shares.
In addition, the company declared a cash dividend in the amount of $30,000 on its preferred shares.
Also during 2019, XYZ experienced an unrealized foreign exchange gain of $25,000 upon translation of its foreign subsidiary's results.
Required
In good form, prepare a Statement of Changes in Equity for Fax Company Inc. for 2019.
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