After getting various amounts and figures from the prior year financial statements, general ledger and subsidiary ledger, you are able to ascertain the following:
Ending balances as of December 31, 2011, were as follows:
| Share capital | $ 25,000,000 |
| Retained earnings | 10,000,000 |
| Translation of foreign operations | (2,000,000) |
| Available for sale financial assets | (5,000,000) |
| Revaluation surplus | 4,000,000 |
| Treasury stock | (1,000,000) |
| Minority interests | 1,000,000 |
| Total equity | $ 32,000,000 |
The summarized transactions for 2012 are as follows:
| Sold capital shares | $2,000,000 |
| Net income | $6,000,000 |
| Minority interest portion | $500,000 |
| Net foreign currency translation losses, net of taxes | $(1,000,000) |
| Decrease in value of available for sale financial assets, net of taxes | $(1,000,000) |
| Net decrease in revaluation surplus, net of taxes | $(1,000,000) |
| Purchase of treasury shares | $500,000 |
| Dividends | $1,000,000 |
Based on the above information, prepare a statement of changes in equity for 2012. Additionally, describe what presentation differences there might be in the statement of stockholders’ equity if McEquityCorporation reported using US GAAP.
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