Reference no: EM133127332
Question - ALM Corporation has the following Shareholders' equity balances on December 31, 2019:
ALM was authorized to issue 500,000 shares.
Ordinary Share Capital, 100,000 issued shares 1,500,000
Share Premium - Ordinary 250,000
Treasury Shares ($30 per share) 600,000
Retained Earnings - Unappropriated 1,675,000
During 2020, the following equity transactions occurred:
1. Issued 50,000 shares in exchange of Building with book value of $3,500,000. The fair value of shares issued is $65 per share.
2. Received subscriptions for 20,000 shares for $450,000. 25% was paid.
3. Reissued 5,000 treasury shares for $25.
4. Declared $1 for every outstanding shares to be paid next year.
5. Net income during the year was $600,000.
6. Appropriations for plant expansion fund from Retained Earnings, $250,000.
Required - How much is the Total Shareholders' equity?
A. 6,157,500
B. 6,757,500
C. 7,005,500
D. 7,007,500
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