ABC Company issued 200,000 shares of P5 par value at P10 per share. On January 1, 2020, ABC's retained earnings amounted to P3,000,000. In March 2020, ABC reacquired 50,000 treasury shares at P20/share. In June 2020, ABC sold 10,000 of these shares to its corporate officers for P25 per share. ABC used the cost method to record treasury shares. Net income for the year ended December 31, 2020 was P600,000. On December 31, 2020, what amount should ABC report as unappropriated retained earnings? (Round answer to whole number

ABC Company issued 200,000 shares of P5 par value at P10 per share. On January 1, 2020, ABC's retained earnings amounted to P3,000,000. In March 2020, ABC reacquired 50,000 treasury shares at P20/share. In June 2020, ABC sold 10,000 of these shares to its corporate officers for P25 per share. ABC used the cost method to record treasury shares. Net income for the year ended December 31, 2020 was P600,000. On December 31, 2020, what amount should ABC report as unappropriated retained earnings? (Round answer to whole number

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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