Problem - Coral Cleaners Ltd reported the following information in the shareholders' equity section of its 30 June 2013, statement of financial position.
7% cumulative, non-participating preferred share (500 shares) $50 000
Ordinary share, 100 000 shares $625 000
Retained earnings $825 000
If Coral Cleaners Ltd repurchased 500 ordinary shares for $20 per share, what is the amount of total shareholders' equity after this transaction?
A. $1 500 000
B. $1 490 000
C. $1 510 000
D. $1 494 000