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Prepare the shareholders equity section of the balance sheet

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Question - The following select accounts appear in the general ledger for Mac Corporation on December 31, 201F.

Authorized Share Capital, P200 par value, 100,000 shares P 20,000,000

Subscription Receivable 2,800,000

Unissued Share Capital 5,000,000

Subscribed Share Capital (20,000 shares) 4,000,000

Share Premium 200,000

Appropriated for Treasury Shares 107,500

Appropriated for Sinking Fund 500,000

Stock Dividends Distributable (4,750 shares) 950,000

Share Capital from Donation 350,000

Share Capital from Stock Dividend 47,500

Retained Earnings 2,000,000

Treasury Shares (500 shares @ P215) 107,500

Revaluation Increment 50,000

The subscriptions receivable is callable beyond one (1) year.

Required -

a. Prepare the Shareholders' Equity section of the balance sheet in good form using the traditional manner of presentation.

b. Prepare the Shareholders' Equity section of the balance sheet in good form using the manner of presentation as recommended by the International Accounting Standards.

Reference no: EM132854453

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