Extracts from the accounting records of Andratx Co relating to the year ended 31 December 2006 are as follows Revaluation Surplus $330,000 Ordinary interim divide paid $12,000 Profit before tax $108,000 Estimated tax liability for the year $28,000 8% $1Preference share $100,000 Over the provision for tax in the previous year $2,600 Proceeds of issue of 4000 $1 ordinary shares $8,000 The final ordinary dividend proposed $25,000 What was the total equity reported in socie on 31dec 2006?
The correct answer is $400,600
Could anyone explain this question detailed to me? Thank you very much ^^