At December 31, 2019, Afro Corp. reported P1.750,000 of appropriated retained earnings for the construction of a new office building, which was completed in 2020 at a total cost of P1,500,000. In 2020. Afro appropriated P1,200,000 of retained carnings for the construction of a new plant. Also, P2,000.000 of cash was restricted for the retirement of bonds due in 2022. In its 2020 balance sheet, Afro should report what amount of appropriated retained carnings? O P2.950.000 O P1.450.000 O P3.200,000 O P1.200.000
At December 31, 2019, Afro Corp. reported P1.750,000 of appropriated retained earnings for the construction of a new office building, which was completed in 2020 at a total cost of P1,500,000. In 2020. Afro appropriated P1,200,000 of retained carnings for the construction of a new plant. Also, P2,000.000 of cash was restricted for the retirement of bonds due in 2022. In its 2020 balance sheet, Afro should report what amount of appropriated retained carnings? O P2.950.000 O P1.450.000 O P3.200,000 O P1.200.000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:At December 31, 2019, Afro Corp. reported P1,750,000 of appropriated retained carnings for the construction of a new office
building, which was completed in 2020 at a total cost of P1,500.000. In 2020. Afro appropriated P1,200,000 of retained
carnings for the construction of a new plant. Also, P2,000,000 of cash was restricted for the retirement of bonds due in
2022. In its 2020 balance sheet, Afro should report what amount of appropriated retained carnings?
O P2.950.000
O P1,450.000
O P3.200,000
O P1.200.000
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