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Make the statement of changes in equity for the company

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Reference no: EM132937186

Mr. Naidu has provided the following extract of the equity section from his company's statement of financial position:

                                                  2020                   2019

Share Capital                 $ 3,750,000          $ 3,600,000

General Reserve               $ 600,000                $ 100,000

Asset Revaluation Surplus     $ 1,040,000              $ 240,000

Retained Profits                      $ 500,000                $ 680,000

                                    $ 5,890,000                  $ 4,620,000

Additional information

(a) The company issued 100,000 shares at $1.50 each during the year.

(b) Profit for the year was $350,000.

(c) Dividends paid during the year were $30,000.

(d) A transfer of $500,000 was made from retained earnings to general reserve during the year.

(e) Land was revalued by $800 000 during the year.

Required:

Problem 1: Prepare the statement of changes in equity for this company for the year ended 30 June 2020

Reference no: EM132937186

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