On March 1, 2023, VisionTech Inc.'s board of directors declared a 5% share dividend when the market price per share was $28.00. On November 15, 2023, the board of directors declared a 4:1 share split. The equity section of the company's December 31, 2022, balance sheet showed: Common shares; 20,000,000 shares authorized; 3,300,000 shares issued and outstanding Retained earnings Required: 1. Prepare a statement of changes in equity for the year ended December 31, 2023, assuming profit earned during the year was $5,972,500. (Amounts to be deducted should be indicated by a minus sign.) VISION TECH INC. Statement of Changes in Equity For Year Ended December 31, 2023 Retained Earnings Balance, January 1 Share dividends Profit Balance, December 31 $ 21,120,000 2,335,000 Common Shares Total Equity
On March 1, 2023, VisionTech Inc.'s board of directors declared a 5% share dividend when the market price per share was $28.00. On November 15, 2023, the board of directors declared a 4:1 share split. The equity section of the company's December 31, 2022, balance sheet showed: Common shares; 20,000,000 shares authorized; 3,300,000 shares issued and outstanding Retained earnings Required: 1. Prepare a statement of changes in equity for the year ended December 31, 2023, assuming profit earned during the year was $5,972,500. (Amounts to be deducted should be indicated by a minus sign.) VISION TECH INC. Statement of Changes in Equity For Year Ended December 31, 2023 Retained Earnings Balance, January 1 Share dividends Profit Balance, December 31 $ 21,120,000 2,335,000 Common Shares Total Equity
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On March 1, 2023, VisionTech Inc.'s board of directors declared a 5% share dividend when the market price per share was $28.00. On
November 15, 2023, the board of directors declared a 4:1 share split. The equity section of the company's December 31, 2022, balance
sheet showed:
Common shares; 20,000,000 shares authorized; 3,300,000
shares issued and outstanding
Retained earnings
Required:
1. Prepare a statement of changes in equity for the year ended December 31, 2023, assuming profit earned during the year was
$5,972,500. (Amounts to be deducted should be indicated by a minus sign.)
VISIONTECH INC.
Statement of Changes in Equity
For Year Ended December 31, 2023
Retained
Earnings
Balance, January 1
Share dividends
Profit
Balance, December 31
$21, 120,000
2,335,000
Common
Shares
Total Equity
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