Question:
MSE is a company operating in M-land, where the currency is the M$. MSE has a 31 December year-end. At 31 December 20X4, MSE's total equity is M$2,500,000. The following figures relate to the year ended 31 December 20X4: Profit for the year = 600,000, other comprehensive income for the year = 100,000, ordinary dividends paid for the year = 200,000 What is MSE's total equity at 1 January 20X4 for inclusion in its statement of changes in equity for 31 December 20X4?