Udall Corporation’s post-closing trial balance at December 31, 2019, was as follows:

At December 31, 2019, Udall had the following number of common and preferred shares:

The dividends on preferred stock are $4 cumulative. In addition, the preferred stock has a preference in liquidation of $50 per share.

Required:
1. Prepare the shareholders’ equity section of Udall’s balance sheet at December 31, 2019.
2. Next Level Assume that Udall is using IFRS. At the end of 2019, Udall revalued its property, plant, and equipment upward by $70,000. Discuss how Udall’s shareholders’ equity items would be different under IFRS, and then, based on your answer, repeat Requirement 1.

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Debit Credit Accounts Payable $ 290,000 $ 550,000 Accounts Receivable Accumulated Depreciation-Building and Equipment Additional Paid-in Capital-on Common Stock Additional Paid-in Capital from Treasury Stock Allowance for Doubtful Accounts Bonds Payable Building and Equipment Cash 200,000 1,560,000 250,000 30,000 400,000 1,100,000 220,000 Common Stock ($1 par value) Dividends Payable on Preferred Stock 150,000 4,000 620,000 380,000 285,000 215,000 Inventories Land Available-for-Sale Investments Trading Investments Preferred Stock ($50 par value) Prepaid Expenses Retained Earnings Treasury Stock-Common (at cost) Accumulated Other Comprehensive Income 500,000 40,000 231,000 180,000 25,000 $3,615,000 $3,615,000 Totals Common Preferred 500,000 150,000 140,000 Authorized 50,000 10,000 10,000 Issued Outstanding