*Financial reorganization
The following shareholders' equity accounts were reported by India Inc. at December 31, 2020. A financial reorganization was approved. Equipment is to be written down by $ 68,000, and inventory increased by $ 5,200.
Instructions
Prepare the required journal entries for the financial reorganization.

Question

*Financial reorganization
The following shareholders' equity accounts were reported by India Inc. at December 31, 2020.  A financial reorganization was approved. Equipment is to be written down by $ 68,000, and inventory increased by $ 5,200.
Instructions
Prepare the required journal entries for the financial reorganization.

Quizplus · Accepted Answer

The Answer of *Financial reorganization
The following shareholders' equity accounts were reported by India Inc. at December 31, 2020.  A financial reorganization was approved. Equipment is to be written down by $ 68,000, and inventory increased by $ 5,200.
Instructions
Prepare the required journal entries for the financial reorganization.

*Financial Reorganization The Following Shareholders' Equity Accounts Were Reported by India Inc