Compute the total equity to shown in the 2021 Statement of Changes in Equity and subsequently carried forward to the Statement of Financial Position AutoSaveINTAC P...P SearchSign inFileHomeInsertDesignLayoutReferencesMailingsReviewViewHelpA ShareP CommentsX CutO FindHelvetica- 13.5 - A A Aa- AAaBbCcDc AaBbCcDc AaBbC AaBbCcC AaB AaBbccc AaBbCcDLG CopyPaste& ReplaceBIU - ab x, x A - I. A -I Normal 1 No Spac. Heading 1Heading 2Subtle Em. =TitleSubtitleS Format PainterA Select -ClipboardFontParagraphStylesEditing• L· 1• | · 2:1:3·1 · 4. 1· 5· L:6.1:7:L· 8• 1· 9. 1 10.I 11· | · 12. 1 · 13. 1· 14 ·L· 15. 1· 16. : 17. 1 18. 19The statement of changes in equity of Corinthian Corp. shows the following balances as of January 1,2021:Ordinary share capital (P5 par, 250,000 shares authorized, 137,500 issued andoutstanding)Share premiumUnappropriated retained earningsAppropriated retained earningsTotal equityThe corporation had the following equity transactions for during 2021:Jan 15 Completed the building renovation for which 250,000 of retained earnings had beenP 687,500275,000667,500250,000P1.880.000restricted. Paid the contractor P242,500, all of which is capitalized.Mar 3 Issued 50,000 additional ordinary shares for P8.00 per share.May 18 Declared a dividend of P1.50 per share to be paid on July 31, 2021, to shareholders ofrecord on June 30, 2021.June 19 Approved additional building renovation to be funded internally. The estimated cost of theproject is P200,000, and retained earnings are to be restricted for that amount.July 31 Paid the cash dividend.Dec 31 Declared a property dividend to be paid on January 10, 2022, to shareholders of record onJanuary 5, 2022. The dividend is to consist of equipment with a carrying value of P150,000.The equipment's fair value at December 31, 2021 is P157,500.31 Reported P442,500 of net income on December 31, 2021 income statement.Required: Compute for the total equity to shown in the 2021 Statement of Changes in Equity andsubsequently carried forward to the Statement of Financial Position.Page 6 of 9E English (Philippines)D Focus110%1076 words10:13 AMPO O G 4) ENG24/02/2021立 AutoSaveINTAC P...P SearchSign inFileHomeInsertDesignLayoutReferencesMailingsReviewViewHelpA ShareP CommentsX CutO FindHelvetica- 13.5 - A A Aa- AAaBbCcDc AaBbCcDc AaBbC AaBbCcC AaB AaBbccc AaBbCcDLG CopyPaste& ReplaceBIU - ab x, x A - I. A -I Normal 1 No Spac. Heading 1Heading 2Subtle Em. =TitleSubtitleS Format PainterA Select -ClipboardFontParagraphStylesEditing• L· 1• | · 2:1:3·1 · 4. 1· 5· L:6.1:7:L· 8• 1· 9. 1 10.I 11· | · 12. 1 · 13. 1· 14 ·L· 15. 1· 16. : 17. 1 18. 19The statement of changes in equity of Corinthian Corp. shows the following balances as of January 1,2021:Ordinary share capital (P5 par, 250,000 shares authorized, 137,500 issued andoutstanding)Share premiumUnappropriated retained earningsAppropriated retained earningsTotal equityThe corporation had the following equity transactions for during 2021:Jan 15 Completed the building renovation for which 250,000 of retained earnings had beenP 687,500275,000667,500250,000P1.880.000restricted. Paid the contractor P242,500, all of which is capitalized.Mar 3 Issued 50,000 additional ordinary shares for P8.00 per share.May 18 Declared a dividend of P1.50 per share to be paid on July 31, 2021, to shareholders ofrecord on June 30, 2021.June 19 Approved additional building renovation to be funded internally. The estimated cost of theproject is P200,000, and retained earnings are to be restricted for that amount.July 31 Paid the cash dividend.Dec 31 Declared a property dividend to be paid on January 10, 2022, to shareholders of record onJanuary 5, 2022. The dividend is to consist of equipment with a carrying value of P150,000.The equipment's fair value at December 31, 2021 is P157,500.31 Reported P442,500 of net income on December 31, 2021 income statement.Required: Compute for the total equity to shown in the 2021 Statement of Changes in Equity andsubsequently carried forward to the Statement of Financial Position.Page 6 of 9E English (Philippines)D Focus110%1076 words10:13 AMPO O G 4) ENG24/02/2021立

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Step 1
It is calculated as the capital given to a business by its shareholders, plus donated…