CFAS Company issued 200,000 shares of P5 par value at P10 per share. On January 1, 2022, the retained earnings amounted to P3,000,000. In March 2022, the entity reacquired 50,000 treasury shares at P20 per share. In June 2022, the entity sol 10,000 of these shares to corporate officers for P25 per share. The entity used the cost method to record treasury shares. Net income for the current year was P600,000. 1. What is the total amount of retained earnings at year - end? [Select ] 2. What amount should be reported as unappropriated retained earnings at year end? [ Select ] >

CFAS Company issued 200,000 shares of P5 par value at P10 per share. On January 1, 2022, the retained earnings amounted to P3,000,000. In March 2022, the entity reacquired 50,000 treasury shares at P20 per share. In June 2022, the entity sol 10,000 of these shares to corporate officers for P25 per share. The entity used the cost method to record treasury shares. Net income for the current year was P600,000. 1. What is the total amount of retained earnings at year - end? [Select ] 2. What amount should be reported as unappropriated retained earnings at year end? [ Select ] >

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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