Handley Corporation reported the following statement of changes in equity accoun

Question

Handley Corporation reported the following statement of changes in equity accounts for the year ended December 31, 2018 HANDLEY CORPORATION Statement of Changes in Equity Year Ended December 31, 2018 Contributed Capital Common Shares $1,515,000 444,400 111,100 Retained Earnings $505,000 $3,030,000 Accumulated other Comprehensive Income Total $5,151,000 444,400 Contributed Surplus Bal., Jan. 1 Issued common shares Declared and issued stock dividend Declared cash dividends $101,000 (111,100) (136,350) (136,350) Comprehensive income 757,500 757,500 25,250 6,241,800 Net income Other comprehensive income Bal., Dec. 31 25,250 $126,250 $2,070,500 $505,000 $%3,540,050 Handley had an unlimited number of common shares authorized and 550,000 shares issued at December 31. Prepare the shareholders' equity section of its statement of financial position at December 31, 2018. (Enter account name only and do not provide descriptive information.)

Explanation / Answer

Handly Corporation Statement of Financial Position (Partial) at December 31, 2018 Shareholders' Equity Paid in Capital Common Stock    2,070,500 Paid in Capital in excess of par-Common       505,000 Total Paid in Capital    2,575,500 Retained Earnings    3,540,050 Accumulated other comprehensive Income       126,250 Total Shareholders's Equity    6,241,800

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