selected information regarding the accounts of infinity minerals corp follows common 4374040

Selected information regarding the accounts of Infinity Minerals Corp. follows:Common shares, unlimited authorized, 50,000 sharesIssued and outstanding, December 31, 2013………………………………………….. $1,074,000Common dividends declared and paid during 2014 ……………………………………. 120,000Cumulative effect of change in accounting estimate(Net of $7,200 tax)…………………………………………………………………………….. (33,600)Net income for the year ended December 31, 2014 …………………………………… 342,000Preferred dividends declared and paid during 2014 ……………………………………. 72,000Preferred shares, $4.80 non-cumulative, 15,000 sharesAuthorized, issued, and outstanding, December 31, 2013 ………………………… 450,000Retained earnings, December 31, 2013 (as originally reported)…………………….. 588,000Prepare a statement of changes in equity for the year ended December 31, 2014, assuming 7,000 common shares were issued during 2014 at an average price of $21.84 per share and that no preferred shares were issued in 2014.View Solution:
Selected information regarding the accounts of Infinity Minerals Corp follows

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