Reference no: EM133180960
Question - LL Incorporated reported Assets of 6,800,000 and Liabilities of 3,200,000 in its draft financial statements dated December 31, 2020. The draft financial statements were authorized for issue on March 31, 2021. The following transactions transpired after the reporting date:
Issued 800,000 ordinary shares with a par value of 3 per share at 5 per share on January 10. These shares represent 60% of the authorized shares of LL Incorporated.
40,000 Treasury Shares which were reissued to the public at 15 per share on January 30. These shares were reacquired last year at 11 per share.
On January 3, it was determined operating expenses of 480,000 was recorded as a debit to operating expenses and credit to sales of 48,000.
Required - Determine the adjusted shareholder's equity of LL (Ignore income tax effects).
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