Reference no: EM132967659
Question - Highland company provided the following information on December 31, 2018:
Cash 2,000,000
Trade and other receivables 2,600,000
Property, plant and equipment-net 4,600,000
Trade and other payables 1,800,000
Share capital 4,000,000
Revaluation surplus 400,000
Retained earnings 3,000,000
The general price index numbers are 112 on January 1, 2015 which is the date of incorporation, 125 on December 31, 2017 and 280 on December 31, 2018. The property, plant and equipment were acquired on January 1, 2015 but were revalued on December 31, 2017.
Required -
a) What amount should be reported as total assets in a hyperinflation statement of financial position?
b) What is the balance of retained earnings after restatements?
c) What is the total shareholders' equity after restatement?
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