The EMI Group The shareholders’ equity section of the balance sheet of The EMI Group, a company based in the United Kingdom, is reproduced below. Review this information and answer the questions below.

1. What do you think the term “called-up share capital” means?
2. What do you think the term “share premium account” means?
3. What does the term “profit and loss reserve” mean?

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The EMI Group Balance Sheets at 31 March 2005 Group 2005 2004 m m Capital and reserves Called-up share capital 110.6 110.4 Share premium account 447.3 445.8 Capital redemption reserve 495.8 495.8 Other reserves 252.2 255.7 Profit and loss reserve (including goodwill previously written off) (2,101.3) (2,091.7) Equity shareholders' funds (795.4) (784.0) Minority interests (equity) 48.3 67.6 (747.1) (716.4)