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D. The stockholders' equity section of SKSU Corporation's balance sheet on December 31, 2019: Common stock, P10 par value; authorized 1,500,000 shares; issued and outstanding 900,000 shares Additional paid-in capital Retained earnings Total stockholders' equity P9,000,000 750,000 2,700,000 P12,450,000 Transactions during 2020 and other information relating to the stockholders' equity accounts were as follows: On January 26, SKSU reacquired 75,000 shares of its common stock for P11 per share. On April 4, SKSU sold 45,000 shares of its treasury stock for P14 per share. On June 1, SKSU declared a cash dividend of P0.95 per share, payable on July 15, 2020 to stockholders of record on July 1, 2020. On August 15, each stockholder was issued one stock right for each share held to purchase two additional shares of stock for P12 per share. The rights expire on October 31, 2020. On September 30, 150,000 stock rights were exercised when the market value of the stock was P12.50 per share. On November 2, SKSU declared a two for one stock split-up and charged the par value of the stock from P10 to P5 per share. On November 20, shares were issued for the stock split. On December 5, 60,000 shares were issued in exchange for a secondhand equipment. It originally cost P600,000, was carried by the previous owner at a book value and was recently appraised at P390,000. • Net income for 2020 was P720,000. P300,000, QUESTIONS Provide the following as of December 31, 2020 1) Common stock 2) Additional paid-in capital 3) Unappropriated retained earnings 4) Total stockholders' equity

D. The stockholders' equity section of SKSU Corporation's balance sheet on December 31, 2019: Common stock, P10 par value; authorized 1,500,000 shares; issued and outstanding 900,000 shares Additional paid-in capital Retained earnings Total stockholders' equity P9,000,000 750,000 2,700,000 P12,450,000 Transactions during 2020 and other information relating to the stockholders' equity accounts were as follows: On January 26, SKSU reacquired 75,000 shares of its common stock for P11 per share. On April 4, SKSU sold 45,000 shares of its treasury stock for P14 per share. On June 1, SKSU declared a cash dividend of P0.95 per share, payable on July 15, 2020 to stockholders of record on July 1, 2020. On August 15, each stockholder was issued one stock right for each share held to purchase two additional shares of stock for P12 per share. The rights expire on October 31, 2020. On September 30, 150,000 stock rights were exercised when the market value of the stock was P12.50 per share. On November 2, SKSU declared a two for one stock split-up and charged the par value of the stock from P10 to P5 per share. On November 20, shares were issued for the stock split. On December 5, 60,000 shares were issued in exchange for a secondhand equipment. It originally cost P600,000, was carried by the previous owner at a book value and was recently appraised at P390,000. • Net income for 2020 was P720,000. P300,000, QUESTIONS Provide the following as of December 31, 2020 1) Common stock 2) Additional paid-in capital 3) Unappropriated retained earnings 4) Total stockholders' equity

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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D. The stockholders' equity section of SKSU Corporation's balance sheet on December 31, 2019: Common stock, P10 par value; authorized 1,500,000 shares; issued and outstanding 900,000 shares Additional paid-in capital Retained earnings Total stockholders' equity P9,000,000 750,000 2,700,000 P12,450,000 Transactions during 2020 and other information relating to the stockholders' equity accounts were as follows: On January 26, SKSU reacquired 75,000 shares of its common stock for P11 per share. On April 4, SKSU sold 45,000 shares of its treasury stock for P14 per share. On June 1, SKSU declared a cash dividend of P0.95 per share, payable on July 15, 2020 to stockholders of record on July 1, 2020. On August 15, each stockholder was issued one stock right for each share held to purchase two additional shares of stock for P12 per share. The rights expire on October 31, 2020. On September 30, 150,000 stock rights were exercised when the market value of the stock was P12.50 per share. On November 2, SKSU declared a two for one stock split-up and charged the par value of the stock from P10 to P5 per share. On November 20, shares were issued for the stock split. On December 5, 60,000 shares were issued in exchange for a secondhand equipment. It originally cost P600,000, was carried by the previous owner at a book value and was recently appraised at P390,000. • Net income for 2020 was P720,000. P300,000, QUESTIONS Provide the following as of December 31, 2020 1) Common stock 2) Additional paid-in capital 3) Unappropriated retained earnings 4) Total stockholders' equity
Transcribed Image Text:D. The stockholders' equity section of SKSU Corporation's balance sheet on December 31, 2019: Common stock, P10 par value; authorized 1,500,000 shares; issued and outstanding 900,000 shares Additional paid-in capital Retained earnings Total stockholders' equity P9,000,000 750,000 2,700,000 P12,450,000 Transactions during 2020 and other information relating to the stockholders' equity accounts were as follows: On January 26, SKSU reacquired 75,000 shares of its common stock for P11 per share. On April 4, SKSU sold 45,000 shares of its treasury stock for P14 per share. On June 1, SKSU declared a cash dividend of P0.95 per share, payable on July 15, 2020 to stockholders of record on July 1, 2020. On August 15, each stockholder was issued one stock right for each share held to purchase two additional shares of stock for P12 per share. The rights expire on October 31, 2020. On September 30, 150,000 stock rights were exercised when the market value of the stock was P12.50 per share. On November 2, SKSU declared a two for one stock split-up and charged the par value of the stock from P10 to P5 per share. On November 20, shares were issued for the stock split. On December 5, 60,000 shares were issued in exchange for a secondhand equipment. It originally cost P600,000, was carried by the previous owner at a book value and was recently appraised at P390,000. • Net income for 2020 was P720,000. P300,000, QUESTIONS Provide the following as of December 31, 2020 1) Common stock 2) Additional paid-in capital 3) Unappropriated retained earnings 4) Total stockholders' equity
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