COVAX Corporation was organized on January 1, 2020, at which date it issued 100,000 shares of P10 par ordinary share at P15 per share. During the period January 1, 2020, through December 31, 2022, COVAX reported net income of P450,000 and paid cash dividends of P230,000. On January 10, 2022, COVAX purchased 6,000 shares of its ordinary share at P12 per share. On December 31, 2022, COVAX sold 4,000 treasury shares at P8 per share. COVAX uses the cost method of accounting for treasury shares. What is COVAX's total shareholders' equity on December 31, 2022? Answer in figures, ignore peso sign
COVAX Corporation was organized on January 1, 2020, at which date it issued 100,000 shares of P10 par ordinary share at P15 per share. During the period January 1, 2020, through December 31, 2022, COVAX reported net income of P450,000 and paid cash dividends of P230,000. On January 10, 2022, COVAX purchased 6,000 shares of its ordinary share at P12 per share. On December 31, 2022, COVAX sold 4,000 treasury shares at P8 per share. COVAX uses the cost method of accounting for treasury shares. What is COVAX's total shareholders' equity on December 31, 2022? Answer in figures, ignore peso sign
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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COVAX Corporation was organized on January 1, 2020, at which date it issued 100,000 shares of P10 par ordinary share at P15 per share. During the period January 1, 2020, through December 31, 2022, COVAX reported net income of P450,000 and paid cash dividends of P230,000. On January 10, 2022, COVAX purchased 6,000 shares of its ordinary share at P12 per share. On December 31, 2022, COVAX sold 4,000 treasury shares at P8 per share. COVAX uses the cost method of accounting for treasury shares.
What is COVAX's total shareholders' equity on December 31, 2022?
Answer in figures, ignore peso sign.
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