Comprehensive Income Sunshine Corporation Had the Following Balances at December 31, 2020

question 92

Essay

Comprehensive income
Sunshine Corporation had the following balances at December 31, 2020 (in thousands): preferred shares $3,012; common shares $4,718; contributed surplus $1,750; retained earnings $16,791; and accumulated other comprehensive income $514.
During the year ended December 31, 2020, the company earned net income of $3,613,000, sold common shares of $30,000, and paid out dividends of $14,000 and $5,000 to preferred and common shareholders, respectively.
Prepare a statement of changes in equity for the year ended December 31, 2020, as well as the shareholders' equity section of the Sunshine Corporation balance sheet as at December 31, 2020.

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Definitions:

Selective Attention

The process by which a person focuses on one or a few select stimuli while ignoring others, allowing the individual to concentrate on important information.

Reticular Activating System

A network of neurons located in the brainstem that regulates wakefulness and sleep-wake transitions.

Alertness

The state of active attention and readiness to respond to stimuli, often considered a key component of consciousness.

Brain Areas

Specific regions of the brain that have distinct functions, such as the frontal lobes for decision making and the hippocampus for memory.