I ONLY NEED THE ANSWE FOR #2, THANK YOU!

Udall Corporation's post-closing trial balance at December 31, 2019, was as follows: Debit Credit Accounts Payable $290,000 Accounts Receivable $550,000 Accumulated Depreciation Building and Equipment 200,000 Additional Paid-in Capital-on Common Stock 1,560,000 Additional Paid-in Capital from Treasury Stock 250,000 Allowance for Doubtful Accounts 30,000 Bonds Payable 400,000 Building and Equipment 1,100,000 Cash 220,000 Common Stock ($1 par value) 150,000 Dividends Payable on Preferred Stock 4,000 Inventories 620,000 Land 380,000 Available-for-Sale Investments 285,000 Trading Investments 215,000 Preferred Stock ($50 par value) 500,000 Prepaid Expenses 40,000 Retained Earnings 231,000 Treasury Stock-Common (at cost) 180,000 Accumulated Other Comprehensive Income 25,000 Totals $3,615,000 $3,615,000 At December 31, 2019, Udall had the following number of common and preferred shares: Common Preferred Authorized 500,000 50,000 Issued 150,000 10,000 Outstanding 140,000 10,000 The dividends on preferred stock are $4 cumulative. In addition, the preferred stock has a preference in liquidation of $50 per share. Required 1. Prepare the shareholders' equity section of Udall's balance sheet at December 31, 2019. 500,000 150,000 UDALL CORPORATION Shareholders' Equity December 31, 2019 Contributed Capital Preferred stock, $4 cumulative, par value $50, authorized 50,000 shares, issued and outstanding 10,000 shares Common stock, par value $1, authorized 500,000 shares, issued 150,000 shares, and outstanding 140,000 shares Additional paid-in capital--common In excess of par value From sale of treasury stock Total contributed capital Retained earnings Accumulated other comprehensive income (loss) Total contributed capital, retained earnings, and accumulated other comprehensive income (loss) Less: Treasury stock, 10,000 shares at cost 1,560,000 250,000 2,460,000 231,000 -25,000 2,666,000 180,000 Total Shareholders' equity 2,486,000 Feedback 2. Under IFRS, Udall would report a revaluation surplus of $ 25,000 X and accumulated profits and losses $231,000 in its shareholders' equity