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total assets after restatement for hyperinflation? a. 3,550,000 b. 6,000,000 c. 6,780,000 d. 5,000,000 2. What amount should be reported as retained earnings after restatement? a. 950,000 b. 200,000 c. 400,000 d. 500,000 3. What amount should be reported as total shareholders’ equity after restatement? a. 5,200,000 b. 5,400,000 c. 6,150,000 d. 5,800,000

total assets after restatement for hyperinflation? a. 3,550,000 b. 6,000,000 c. 6,780,000 d. 5,000,000 2. What amount should be reported as retained earnings after restatement? a. 950,000 b. 200,000 c. 400,000 d. 500,000 3. What amount should be reported as total shareholders’ equity after restatement? a. 5,200,000 b. 5,400,000 c. 6,150,000 d. 5,800,000

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 6RE: Oz Corporation has the following assets at year-end: Patents (net), 26,000; Land, 50,000; Buildings,...
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1. What amount should be reported as total assets after restatement for hyperinflation?

a. 3,550,000
b. 6,000,000
c. 6,780,000
d. 5,000,000

2. What amount should be reported as retained earnings after restatement?

a. 950,000
b. 200,000
c. 400,000
d. 500,000

3. What amount should be reported as total shareholders’ equity after restatement?

a. 5,200,000
b. 5,400,000
c. 6,150,000
d. 5,800,000

Star Company provided the following statement of financial position accounts on December 31, 2021 based on historical cost: Cash 100,000 1,200,000 Accounts Receivable Inventory (most recent acquisition) Land 800,000 400,000 Building Accumulated depreciation – building Equipment Accumulated depreciation - equipment 1,000,000 100,000 500,000 250,000 Accounts payable Share capital – issued January 1, 2016 Retained earnings 600,000 2,000,000 1,050,000 Date acquired January 1, 2016 January 1, 2016 January 1, 2018 December 31, 2021 Index number Land 100 Building Equipment End of reporting period Average index during 2021 100 125 260 240
Transcribed Image Text:Star Company provided the following statement of financial position accounts on December 31, 2021 based on historical cost: Cash 100,000 1,200,000 Accounts Receivable Inventory (most recent acquisition) Land 800,000 400,000 Building Accumulated depreciation – building Equipment Accumulated depreciation - equipment 1,000,000 100,000 500,000 250,000 Accounts payable Share capital – issued January 1, 2016 Retained earnings 600,000 2,000,000 1,050,000 Date acquired January 1, 2016 January 1, 2016 January 1, 2018 December 31, 2021 Index number Land 100 Building Equipment End of reporting period Average index during 2021 100 125 260 240
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