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The adjusted trial balance for Pansy Paints Ltd. at December 31, 2021, is presented below. Pansy's income tax rate is 25% and journal entries for income tax expense have not yet been prepared. There were no common share transactions during the year

Instructions

a. Prepare a statement of comprehensive income using the all-inclusive format. (Ignore earnings per share.)

b. Prepare a statement of changes in shareholders' equity.

c. Prepare the shareholders' equity section of the balance sheet at December 31, 2021.

= PANSY PAINTS LTD. . Adjusted Trial Balance December 31, 2021 Debit Credit $ 54,620 S 35.430 24.300 145.500 7.860 425,000 180,000 15,000 255,000 7.500 Accounts payable Accounts receivable Accumulated depreciation-equipment Accumulated depreciation-building Accumulated other comprehensive income (loss)-January 1, 2021 Advertising expense Building Cash Cash dividends-common wa Common shares (18,000 issued) Contributed surplus-reacquisition of common shares Cost of goods sold Depreciation expense Dividends payable Equipment Gain on sale of equipment Income tax expense Income tax payable Interest expense Merchandise inventory Office expense Other comprehensive income-holding loss on equity investment (before income tax) Retained earnings-January 1, 2021 Sales 412,000 29,000 1,000) 95.000 850 0 4,650 83,460 11,000 5,400 35, 780,000 $1,303,800 $1,303,800

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