Solartech Inc. had the following shareholders' equity at January 31 (dollars in millions): Common shares, 500 million

Question:

Solartech Inc. had the following shareholders' equity at January 31 (dollars in millions):
Common shares, 500 million shares authorized,
440 million shares issued....................................................................... $ 318
Contributed surplus.................................................................................... 44
Retained earnings.................................................................................. 2,393
Total shareholders' equity................................................................... $2,755
Assume that on March 7, Solartech split its common shares 2 for 1. Prepare the shareholders' equity section of the immediately after the split.
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...