At January 1, 2020, ABC Company 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, ABC appropriated P1,200,000 of retained earnings for the construction of a new plant. Also, P2,000,000 of cash was restricted for the retirement of bonds due in 2010. In its December 31, 2020 statement of financial position, ABC should report what amount of appropriated retained earnings?
At January 1, 2020, ABC Company 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, ABC appropriated P1,200,000 of retained earnings for the construction of a new plant. Also, P2,000,000 of cash was restricted for the retirement of bonds due in 2010. In its December 31, 2020 statement of financial position, ABC should report what amount of appropriated retained earnings?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At January 1, 2020, ABC Company reported P1,750,000 of appropriated
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