3-9. The following were the balances of shareholders' equity accounts of Riviera Company as of January 1, 2021: Share Capital Share Premium Retained Earnings Cumulative Unrealized Gains (Losses) on Financial Assets at FV through Other Comprehensive Income Revenue Raw materials and consumables used The following information summarizes the entity's operations for the years 2022 and 2021: Employee benefit expense Depreciation and amortization, as previously reported Other expenses Finance costs Correction of profit for prior years-2019 depreciation expense was understated by P500,000 P75,000,000 22,000,000 30,000,000 Dividends declared and paid Proceeds from issue of share capital (par value is P8,000,000) Unrealized gains (losses) on investments measured at fair value through other comprehensive income before tax The company's income tax rate is 25%. 2,400,000 In million pesos 2022 2021 P2,000 850 100 40 424 20 10.8 P1,800 745 95 435 40 25 0.8 (1.2)
3-9. The following were the balances of shareholders' equity accounts of Riviera Company as of January 1, 2021: Share Capital Share Premium Retained Earnings Cumulative Unrealized Gains (Losses) on Financial Assets at FV through Other Comprehensive Income Revenue Raw materials and consumables used The following information summarizes the entity's operations for the years 2022 and 2021: Employee benefit expense Depreciation and amortization, as previously reported Other expenses Finance costs Correction of profit for prior years-2019 depreciation expense was understated by P500,000 P75,000,000 22,000,000 30,000,000 Dividends declared and paid Proceeds from issue of share capital (par value is P8,000,000) Unrealized gains (losses) on investments measured at fair value through other comprehensive income before tax The company's income tax rate is 25%. 2,400,000 In million pesos 2022 2021 P2,000 850 100 40 424 20 10.8 P1,800 745 95 435 40 25 0.8 (1.2)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
a. Prepare Statement of Changes in Equity for 2022 and 2021.
Transcribed Image Text:3-9.
The following were the balances of shareholders' equity accounts
of Riviera Company as of January 1, 2021:
Share Capital
Share Premium
Retained Earnings
Cumulative Unrealized Gains (Losses)
on Financial Assets at FV through Other
Comprehensive Income
Revenue
Raw materials and consumables used
Employee benefit expense
Depreciation and amortization, as
previously reported
The following information summarizes the entity's operations for
the years 2022 and 2021:
Other expenses
Finance costs
Correction of profit for prior years-2019
depreciation expense was understated
by P500,000
P75,000,000
22,000,000
30,000,000
Dividends declared and paid
Proceeds from issue of share capital
(par value is P8,000,000)
Unrealized gains (losses) on investments
measured at fair value through other
comprehensive income before tax
The company's income tax rate is 25%.
2,400,000
In million pesos
2022
2021
P2,000
850
100
40
2
4
20
10.8
0.8
P1,800
745
95
40
3
5
25
(1.2)
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