The Following Is a Partial List of Accounts and Balances

Essay

The following is a partial list of accounts and balances for Hatley Hotels Ltd.for the year ended June 30, 2013. $\begin{array}{lr}\text { Capital stock } & \$ 1,480,000 \\\text { Other comprehensive income for the year } & \$ 20,000 \\\text { Dividends declared during the year } & \$ 60,000 \\\text { Net income for the year } & \$ 600,000 \\\text { Retained earnings balance July 1, 2012 } & \$ 2,505,400 \\\text { Accumulated other comprehensive income balance July 1, 2012 } & \$ 250,000\end{array}$ A) Prepare a Statement of Changes in Equity for Hatley for the year ended June 30, 2013.
B) Briefly explain the purpose of Other Comprehensive Income