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BE15.18 (LO 3, 4) Sawgrass Corporation, a public company, reported the following balances at January 1, 2020: Common Shares (32,000 shares issued, unlimited authorized) $ 800,000 Retained Earnings 1,500,000 Contributed Surplus 145,000 Accumulated Other Comprehensive Income 40,000 During the year ended December 31, 2020, the following summary transactions occurred: Net income earned during the year $400,000 Unrealized gain on fair value through other 25,000 comprehensive income (FV-OCI) investments Reduction of contributed surplus during the year due to 17,500 repurchase of common shares Reduction of common shares account balance during 25,000 the year due to repurchase of 1,000 common shares Dividends declared during the year on common shares 70,000 Issued 2,000 common shares during the year 100,000 a. Prepare a statement of changes in shareholders' equity for the year as required under IFRS. b. Prepare the shareholders' equity section of the SFP at December 31. c. How would the answer to parts (a) and (b) be different if Sawgrass prepared financial statements in accordance with ASPE?
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Se.27.
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(a)
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