Davies Corporations shareholders equity at the beginning of the year shows the following balances: 10%...
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Davies Corporations shareholders equity at the beginning of the year shows the following balances: 10% Preference Share, 50 par: 2,000,000 Ordinary Share, 30 par: 3,000,000 Share Premium-Preference: 4,000,000 Share Premium-Ordinary: 5,000,000 Treasury Shares (10,000 ordinary shares): 450,000 Accumulated Profits-Free: 6,000,000 Accumulated Profits-Appropriated: 1,000,000
The following selected transactions happened during the year: Feb 29: The treasury shares were reissued at 50 per share. Jul 31: A 10% share dividend was declared. On this date, each preference share and ordinary share had a fair value of 70 and 50, respectively. Aug 31: Davies declared total cash dividends worth 1,000,000. Preference shares are participating. Dec 31: Net income for the year was 2,500,000.
How much is total shareholders equity at year-end?
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