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Purity Corporation is a company formed for selling water filters.It was authorised

By December 6, 2021No Comments

Purity Corporation is a company formed for selling water filters.It was authorisedto issue 40,000 ordinary share of $5 par value.Half of the shares were issued at theprice of $7 per share.During the year of 2014,the Company purchased 2,000 of itsown share in the open market for S12,000.The Company had retained earnings ofS100,400 as at 1 January,2014 and the profit of $82,045 for the year.On 31December,2014,the company declared a cash dividend of $0.2 per share on theoutstanding shares that were held by the shareholders.Required:Prepare the shareholders’equity section of the Statement of Financial Position forPurity Corporation as at 31 December,2014.

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