nY Feported the following shareholders equity vis Com Reacquired 10,000 shares at P30 per share to be held as wuring the current year, the following chronological hare capital, P5 par, 200,000 shares outatanding January 1, 2020: Declared and issued a 30% share dividend. ansactions affected shareholders' equity: pany hare premium etained earnings 1,000,000 6,000,000 2.800,000 Reacquired 10,000 shares at P30 per share to be held as treasury. Declared and issued a 30% share dividend. lared and paid

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Problem 23-17 (IAA)
transactions affected shareholders' equity:
During the current year, the following chronological
Slvis Company reported the following shareholders equity
retained earnings on December 31, 2020?
Share capital, P5 par, 200,000 shares outatanding
• Declared and issued a 30% share dividend.
Reacquired 10,000 shares at P30 per share to be held as
Share premium
Retained earnings
1,000,000
6,000,000
2.800,000
treasury.
Declared and issued a 30% share dividend.
*Declared and paid cash dividend of P10 per share.
Net income for 2020 amounted to P3,000,000.
What amount should be reported as unappropriated
retained earnings on December 31, 2020?
a. 2,745,000
b. 3,045,000
c. 2,700,000
d. 2,600,000
Transcribed Image Text:Problem 23-17 (IAA) transactions affected shareholders' equity: During the current year, the following chronological Slvis Company reported the following shareholders equity retained earnings on December 31, 2020? Share capital, P5 par, 200,000 shares outatanding • Declared and issued a 30% share dividend. Reacquired 10,000 shares at P30 per share to be held as Share premium Retained earnings 1,000,000 6,000,000 2.800,000 treasury. Declared and issued a 30% share dividend. *Declared and paid cash dividend of P10 per share. Net income for 2020 amounted to P3,000,000. What amount should be reported as unappropriated retained earnings on December 31, 2020? a. 2,745,000 b. 3,045,000 c. 2,700,000 d. 2,600,000
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