21. Israel Company’s stockholders’ equity account balances at December 31, 2019, were as follows: • Common stock, P8,000,000 • Additional paid-in capital, P1,500,000 • Retained earnings, P3,500,000 The following 2020 transactions and other information relating to the stockholders’ equity. accounts: • Israel had 500,000 authorized shares of P50 par common stock, of which 160,000 shares were issued and outstanding. • On March 5, 2020, Israel acquired 5,000 shares of its common stock for P100 per share to be held as treasury stock. The shares were originally issued at P80 per share. Israel uses the cost method to account for treasury stock. • On July 15, 2020, Israel declared and distributed a property dividend of inventory. The inventory had a P1,500,000 carrying value and a P1,000,000 fair market value. • Israel's net income for 2020 was P4,000,000. Israel Company should report total stockholder’s equity on December 31, 2020 at?
21. Israel Company’s
• Common stock, P8,000,000
• Additional paid-in capital, P1,500,000
•
• Israel had 500,000 authorized shares of P50 par common stock, of which 160,000 shares were issued and outstanding.
• On March 5, 2020, Israel acquired 5,000 shares of its common stock for P100 per share to be held as
• On July 15, 2020, Israel declared and distributed a property dividend of inventory. The inventory had a P1,500,000 carrying value and a P1,000,000 fair market value.
• Israel's net income for 2020 was P4,000,000.
Israel Company should report total stockholder’s equity on December 31, 2020 at?
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