#22 At the beginning of the current year, Flor company had retained earnings of P4,800,000. During the year, the entity reported net income of P2,400,000, sold treasury shares at a “gain” of P864,000, declared a cash dividend of P1,440,000 and declared and issued a small share dividend of 72,000 shares with P10 par value when the fair value of the share was P20. What is the amount of retained earnings available for dividends at the end of the current year? 4,320,000 pls provide correct solution for the given answer

#22 At the beginning of the current year, Flor company had retained earnings of P4,800,000. During the year, the entity reported net income of P2,400,000, sold treasury shares at a “gain” of P864,000, declared a cash dividend of P1,440,000 and declared and issued a small share dividend of 72,000 shares with P10 par value when the fair value of the share was P20. What is the amount of retained earnings available for dividends at the end of the current year? 4,320,000 pls provide correct solution for the given answer

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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