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Need help, How to calculate this problem, please show the steps, thank you! Question (20 marks) Mercury Ltd. reported the following information for financial year
Need help, How to calculate this problem, please show the steps, thank you!
Question (20 marks) Mercury Ltd. reported the following information for financial year 2018 (in million dollars): Statement of Shareholders' Equity Balance, end of 2017 1,670 Share issues 720 Repurchase of 24 million common shares (672) Common dividend (150) Preferred dividend (15) Unrealised gain on debt investments 14 Net income 308 Balance, end of 2018 1,875 Mercury is in the 30% tax bracket. Mercury also reported $15 million in interest income and $98 million in interest expense for 2018. Mercury had a sales revenue of $3,276 in 2018. Required: a) Prepare a reformulated Statement of Shareholders' Equity. (8 marks) b) Prepare a reformulated income statement that distinguish operating items from financing items. (12 marks)Step by Step Solution
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