Reference no: EM132674450
Question - Case Study - The accounts of Eemi Ltd as at 1 July 2019 show:
$000
Share Capital - 9,000,000 fully paid ordinary shares 9,000
Retained Earnings (credit balance) 500
General reserve 200
Asset Revaluation reserve 300
Available for Sale Investments - Revaluation reserve 200
The following relates to the year ending 30 June 2018:
Profit after tax 4,500
Dividends paid/declared:
Interim dividend paid 90
Final dividend declared 220
Amount transferred to general reserve 80
Shares issued (2,000,000 shares payable fully on application) 6,000
Other Gains or (Losses) not yet recognised in the accounts for year ended 30 June 2018 $000
Gain on Revaluation of land (valuation by independent valuer) 90
Revaluation Decrement (loss) on available-for-sale investments (65)
Additional Information - The valuation decrement on available-for-sale investments is to be recognised in the available-for-sale investments - revaluation reserve. The company tax rate is 30%.
Required -
a. Prepare journal entries to record the valuation adjustments, including any tax effect.
b. Prepare statement of changes in equity for the year ended 30 June 2018.
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