Problem - Presented below Is Information which relates to Crane Company, a Canadian public corporation traded on the Toronto Stock Exchange, for 2017.
Net Income $414,000
Retained earnings, January 1. 2017 870,000
Cash dividends declared on common shares 33,000
Correction of calculation error depreciation understatement in 2013 (pre-tax) 464,000
Gain from foreign currency transactions (net of tax) 244,000
Proceeds from issuance of Crane common shares 58,000
Accumulated other comprehensive Income January 1, 2017 18,000
On January 1, 2017, Crane had 19,600 common shares outstanding with a capital balance of $490,000. During the year, Crane Company issued an additional 2,600 common shares.
Prepare in good form a statement of changes in equity for 2017. The tax rate is 30%.