QUESTION 2 - Final Exam, 201391 (modied) The followingtranaactions took place during the period ending 30 June 2016 for McKay Ltd: Transfer $15,000...

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Q3: QUESTION 2 - Final Exam, 201391 (modified) The followingtranaactions took place during the period ending 30 June 2016 forMcKay Ltd: Transfer $15,000 fi'om genera] reserve to retained profits Profit forthe wriod was $730,0m Land wasrevaluedupwaidaduringthe yearbyMS,m0fiorrthe year Bonus share issue from Revaluation Reserve of 550,000 Share issue received funeb of $120,000 from investors and all shares appliedfiorrwere allotted during the period Abank loanof$34,0m wmpaidofi'wdthcaah. Dividends declared and paid with cash during the period totalled $160,000. Additional i'lgfbrmaflon:I Beginning balanm of shareholder‘s equity (1 July 2015) was $165,000.1 Assume there were no othertransactioms during the period than thosemenfioned above. Required:PART A: Calculate the ending balance of shareholders’ equity using the infomationabove. PART B: Prepaie the T-atxzoums iiocr Retained Profits, Share Capital, GeneralReserve and Revaluation Reserve for McKay Ltd at 30 June 2016. The followingbalance: are provided In at 1 July2015: D0 NUT WRITE OUTSIDE THE BOX ReIained Profits $ 40,000 Share Capital 49,000 Revaluation Reserve 56,000 General Reserve 20,000 Toial Shaaeholder‘s Equity £155,000Retained ProfitsShare Capital aJ'c Revaluation Reserve General Reserve DO NOT WRlTE OUTSIDE THE BOX