Reference no: EM132571282
Question - Coolongolook Ltd reported the following information at 30 June 2020:
Accounts balances as at 1.7.2019 are as follows
Asset revaluation Surplus 36,000
Retained earnings 20,000
During the year ending 30 June 2020, Coolongolook Ltd made the following transactions.
Made after tax profit of $50,000
Dividend declared not yet paid on 30 June 2020 $10,000
Net increase in Land revaluation $40,000 (ignore tax effect)
What would be the correct equity balances shown in the Statement of Changes in Equity as at 30 June 2020?
Asset revaluation surplus $76,000
Retained earnings $60,000
Asset revaluation surplus $76,000
Retained earnings $70,000
Asset revaluation surplus $50,000
Retained earnings $70,000
Asset revaluation surplus $50,000
Retained earnings $60,000
None of these
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