Bernie Bird Co. has 260,000 outstanding (P10 par) ordinary shares and retained earnings balance of P1,780,000 on January 1, 20x1.During the year, Bernie acquired 2,000 treasury shares at P18 per share and reissued them at P22 before year-end. Bernie earned profitof P2,260,000 in 20x1. On December 31, 20x1, Bernie declared P8 cash dividends per share and "1-for-20" stock dividends, both to bedistributed on February 1, 20x2. The fair value per share on December 31, 20x1 was P22. What amount of retained earnings should Bernireport on December 31, 20x1?O 1,674,000O 1,642,000O 1,582,000O 1,682,000

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Co. has 260,000 outstanding (P10 par) ordinary shares and retained earnings balance of P1,780,000 or vear, Bernie acquired 2,000 treasury shares at P18 per share and reissued them at P22 before year-end 0 in 20x1. On December 31, 20x1, Bernie declared P8 cash dividends per share and "1-for-20" stock d on February 1, 20x2. The fair value per share on December 31, 20x1 was P22. What amount of retained ecember 31, 20x1?

Co. has 260,000 outstanding (P10 par) ordinary shares and retained earnings balance of P1,780,000 or vear, Bernie acquired 2,000 treasury shares at P18 per share and reissued them at P22 before year-end 0 in 20x1. On December 31, 20x1, Bernie declared P8 cash dividends per share and "1-for-20" stock d on February 1, 20x2. The fair value per share on December 31, 20x1 was P22. What amount of retained ecember 31, 20x1?

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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