Reference no: EM132769551
The following liabilities and equity relate to Jelly Company operating in a hyperinflationary economy:
Before restatement After restatement
Liabilities 2,000,000 2,500,000
Share Capital 5,000,000 8,500,000
Revaluation Surplus 1,000,000 ?
Retained Earnings 1,500,000 ?
Total liabilities and equity 9,500,000 16,000,000
Problem 1: What amount should be reported as revaluation surplus and retained earnings, respectively after restatement?
a. 0 and 5,000,000
b. 5,000,000 and 0
c. 1,000,000 and 4,000,000
d. 3,500,000 and 1,500,000
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