How much is the retained earnings - December 31, 2021? For the computation in your worksheet - Prepare a Statement of Changes in Equity for the year ended December 31, 2021 for Shalimar Corporation with the following columns - Share Capital, Reserves, Retained Earnings, Treasury Shares, and Total. Statement of Changes in EquityThe following are balances on January 1, 2021 of Shalimar Corporation's Shareholders' equityaccountShare capital, P10 parReservesRetained earnings unappropriated5,200,0001,780,0002,050,000During the year the following transactions took place:1. Over depreciation of 2020 due to prior period error, P200,0002. Retained earnings appropriated for treasury shares P195,000 was set up.3. Net income after tax for the year total P690,000.4. Cash dividends paid to shareholders P500,000.5. Additional share issuances during the year total 5,000 shares at P15 per share.6. Shalimar Corp. purchased 15,000 shares at P13 to be held as treasury.7. Gain from change in fair value attributable to credit risk of financial liability designatedat FVPL P230,000.8. Net remeasurement loss on defined benefit plan, P154,000.

Retained earning is net earnings after sistribution of dividend to…

Answered: Statement of

Business

Accounting

Statement of

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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