Question
4. The shareholders equity section of the statement of financial position of Baker Ltd. At July 31, 2010 is as follows: 2010 2009 General reserve
4. The shareholders equity section of the statement of financial position of Baker Ltd. At July 31, 2010 is as follows:
| 2010 | 2009 |
General reserve | 55,000 | 45,000 |
Revaluation reserve | 85,000 | 70,000 |
Share Capital | $220,000 | $175,000 |
Retained earnings | 175,000 | 165,000 |
| $535,000 | $455,000 |
Additional information:
Baker issued 18,000 shares at $2.50 each on June 30, 2010 for cash.
A transfer of $10,000 was made from retained earnings to the general reserve.
Comprehensive income for the year was $150,000, including a revaluation gain of $15,000 net of tax.
Dividends for the year comprised: Interim dividends of $55,000 and final dividends provided of $60,000.
Required: Prepare the statement of changes in equity of Baker Ltd. For the year ended July 31, 2010 in accordance with IAS 1.
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