Question: PROBLEM 3.1 (15%) On December 31, 2019. PT A had the following equity accounts: Share Capital--Ordinary ($1 par value; 400.000 shares authorized: 300.000 shares issued)

PROBLEM 3.1 (15%) On December 31, 2019. PT A had the

PROBLEM 3.1 (15%) On December 31, 2019. PT A had the following equity accounts: Share Capital--Ordinary ($1 par value; 400.000 shares authorized: 300.000 shares issued) Ordinary Shares Dividends Distributable (60.000 shares) Share Premium--Ordinary Retained Earnings Treasury Shares--Ordinary (10,000 shares) Share Premium--Treasury ? 60.000 1.200.000 700.000 60.000 12.000 During 2020, the following transactions affected equity: 1 Issued ordinary shares dividend distributable of 2019. 2 Issued 25.000 ordinary shares for cash at $10 per shares. 3 Declared and paid cash dividends of $34,500. 4 Corrected overstatement of 2019 net income because of depreciation error $30.000. 5 Earned net income of $221,000. 6 Sold 4.000 treasury shares for $32,000. Instruction: Prepare the equity section of statement of financial position at December 31, 2020. (15%)

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