Filomero Company provided the following information on January 1, 2020: Share capital, 275,000 shares authorized; 110,000 shares issued and outstanding Share premium Retained earnings P 3,300,000 4,400,000 8,800,000 The entity declared a 10% dividend on April 1, 2020 when the market value of the share was P70. The stock dividend was issued on July 1, 2020 when the market value of the share was P100. The share has a par value of P30. The entity sustained a net loss of P1,320,000 for 2020. What amount should be reported as retained earnings on December 31, 2020?

Filomero Company provided the following information on January 1, 2020: Share capital, 275,000 shares authorized; 110,000 shares issued and outstanding Share premium Retained earnings P 3,300,000 4,400,000 8,800,000 The entity declared a 10% dividend on April 1, 2020 when the market value of the share was P70. The stock dividend was issued on July 1, 2020 when the market value of the share was P100. The share has a par value of P30. The entity sustained a net loss of P1,320,000 for 2020. What amount should be reported as retained earnings on December 31, 2020?

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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