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QUESTION 2 Coral Cleaners Ltd reported the following information in the shareholders' equity section of its 30 June 2017, statement of financial position. 7% cumulative,

QUESTION 2 Coral Cleaners Ltd reported the following information in the shareholders' equity section of its 30 June 2017, statement of financial position.

7% cumulative, non-participating preferred share (500 shares) $60 000

Ordinary share, (100 000 shares)

$525 000 Retained earnings $825 000

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