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Selected information regarding the accounts of Infinity Minerals Corp. follows: Common shares, unlimited authorized, 51,000 shares issued and outstanding, December 31, 2022 Common dividends declared and paid during 2023 Cumulative effect of change in accounting estimate (net of $7,200 tax) Profit for the year ended December 31, 2023 Preferred dividends declared and paid during 2023 Preferred shares, $4.90 non-cumulative, 15,100 shares horized, issued, and outstanding, December 31, 2022 Retained earnings, December 31, 2022 (as originally reported) Next $1,075,000 121,000 INFINITY MINERALS CORP. Statement of Changes in Equity (33,700) 343,000 73,990 451,000 589,000 Prepare a statement of changes in equity for the year ended December 31, 2023, assuming 7,100 common shares were issued d 2023 at an average price of $21.94 per share and that no preferred shares were issued in 2023. (Negative answers should be indicated by a minus sign.)

Selected information regarding the accounts of Infinity Minerals Corp. follows: Common shares, unlimited authorized, 51,000 shares issued and outstanding, December 31, 2022 Common dividends declared and paid during 2023 Cumulative effect of change in accounting estimate (net of $7,200 tax) Profit for the year ended December 31, 2023 Preferred dividends declared and paid during 2023 Preferred shares, $4.90 non-cumulative, 15,100 shares horized, issued, and outstanding, December 31, 2022 Retained earnings, December 31, 2022 (as originally reported) Next $1,075,000 121,000 INFINITY MINERALS CORP. Statement of Changes in Equity (33,700) 343,000 73,990 451,000 589,000 Prepare a statement of changes in equity for the year ended December 31, 2023, assuming 7,100 common shares were issued d 2023 at an average price of $21.94 per share and that no preferred shares were issued in 2023. (Negative answers should be indicated by a minus sign.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Selected information regarding the accounts of Infinity Minerals Corp. follows: Common shares, unlimited authorized, 51,000 shares issued and outstanding, December 31, 2022 Common dividends declared and paid during 2023 Cumulative effect of change in accounting estimate (net of $7,200 tax) Profit for the year ended December 31, 2023 Preferred dividends declared and paid during 2023 Preferred shares, $4.90 non-cumulative, 15,100 shares orized, issued, and outstanding, December 31, 2022 Retained earnings, December 31, 2022 (as originally reported) Balance, January 1 Balance, December 31 Next Prepare a statement of changes in equity for the year ended December 31, 2023, assuming 7,100 common shares were issued during 2023 at an average price of $21.94 per share and that no preferred shares were issued in 2023. (Negative answers should be indicated by a minus sign.) INFINITY MINERALS CORP. Statement of Changes in Equity For Year Ended December 31, 2023 Preferred Shares $ $1,075,000 121,000 0 $ (33,700) 343,000 73,990 Common Shares 451,000 589,000 0 $ Retained Earnings 0 Total Equity $ 0
Transcribed Image Text:Selected information regarding the accounts of Infinity Minerals Corp. follows: Common shares, unlimited authorized, 51,000 shares issued and outstanding, December 31, 2022 Common dividends declared and paid during 2023 Cumulative effect of change in accounting estimate (net of $7,200 tax) Profit for the year ended December 31, 2023 Preferred dividends declared and paid during 2023 Preferred shares, $4.90 non-cumulative, 15,100 shares orized, issued, and outstanding, December 31, 2022 Retained earnings, December 31, 2022 (as originally reported) Balance, January 1 Balance, December 31 Next Prepare a statement of changes in equity for the year ended December 31, 2023, assuming 7,100 common shares were issued during 2023 at an average price of $21.94 per share and that no preferred shares were issued in 2023. (Negative answers should be indicated by a minus sign.) INFINITY MINERALS CORP. Statement of Changes in Equity For Year Ended December 31, 2023 Preferred Shares $ $1,075,000 121,000 0 $ (33,700) 343,000 73,990 Common Shares 451,000 589,000 0 $ Retained Earnings 0 Total Equity $ 0
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